A US private equity firm has acquired the evening-dress wear brand Alex Apparel Group.
Alex Apparel’s investment group owner, Atlantic Street Capital, announced the sale to Versa Capital Management. The transaction value was not disclosed. The company will be renamed Alex Evenings.
Atlantic Street Group said under its ownership Alex Evenings “established a stronger connection with its consumer base and retail partners” and experienced “dramatic growth by broadening its distribution and dramatically increasing its ecommerce business”.
In 2017 it acquired SL Fashions Group, a designer of mid-market priced evening and formal dresses.
Alex Apparel designs sources and distributes dresses under the Alex Evenings and SL Fashions brands to over 3,400 department stores and speciality boutiques across the US.
Colleen Kelly, CEO of Alex Apparel, said: “Our brands, Alex Evenings and SL Fashions have become leaders in the dress market due to our classic designs, excellent quality, and great price value. We are proud of what our entire team has accomplished and we look forward to becoming part of Versa Capital, who will help us continue our great momentum.”
Peter Shabecoff, managing partner of Atlantic Street Capital added: “We acquired a leading brand that was well established in its core channels that we knew had tremendous further potential. Colleen and her team did an outstanding job in broadening the business, in particular building the e-commerce wholesale channel from virtually zero to today which accounts for approximately one-third of the business. We are very pleased with the outcome of this investment and our involvement in helping build this brand to last another 30 years and beyond.”