Bear Growth Capital Partners (BGCP) has entered into a letter of intent to buy Water Water Everywhere (WWE), a swimwear and swimwear accessories chain.

BGCP will combine WWE with its portfolio company Everything But Water, which sells women's contemporary swimwear in the US.

"The acquisition of Water Water Everywhere is part of our growth strategy of establishing a broader, national footprint for Everything But Water (EBW)," said Joe Scharfenberger, managing director, BGCP.

"Andy Cohen built a terrific franchise and we look forward to working with his management team throughout the integration process and beyond."

The acquisition will allow EBW to break into markets where it doesn't currently have a presence, added EBW president Ann Tucker.

WWE president Andy Cohen said: "The combination marks a great next step for the evolution of the company."

Water Water Everywhere has swimwear 20 stores located primarily in the Northeast and Mid-Atlantic regions of the US.

Everything But Water operates 34 stores specialty in 14 states and Puerto Rico.