Ascena Retail Group, owner of the Ann Taylor, Loft and Lane Bryant chains, has completed the sale of its Maurices women’s clothing business for $300m.
The deal is the first US investment for London-based private equity firm OpCapita, which is bringing in former Gap brand president and CEO Jeff Kirwan as the new executive chairman of Maurices. However, the value fashion retailer will continue to be led by George Goldfarb, president and CEO, and its current management team.
Based in Duluth, Minnesota, with over $1.0bn in revenue in 2018, Maurices sells women’s casual apparel, career wear, dressy wear, active wear, shoes, and accessories.
Under the terms of the transaction, which was first announced in March, Ascena received about $210m in cash before expenses and an approximately 49.6% interest in the OpCapita affiliate that is now the owner of Maurices.
Ascena will continue to support Maurices on its shared business services platform through a managed services agreement, including support for IT, supply chain, sourcing and certain back office functions.
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