Golden Gate Capital has completed the acquisitions of specialty retailers Appleseed's and Draper's & Damon's, two companies that target the growing 'baby boomer' market.

Golden Gate's stake in each business is owned by a single holding company that will have annual revenues in excess of $500 million.

While each business will continue to operate independently, they will also have the benefit of being part of a portfolio of women's apparel brands.

Golden Gate, which also owns women's apparel direct marketers Newport News and Spiegel, continues to look for similar acquisitions.

Appleseed's and Draper's sell women's apparel and accessories through multiple sales channels including catalogues, retail stores, and the internet.

Appleseed's chairman and chief executive officer Neale Attenborough said: "…we are expanding our retail presence, and we have had very positive initial success with our acquisition of The Tog Shop. Our partnership with Golden Gate will help accelerate these growth initiatives."

Co-president of Draper's & Damon's, Brad Farmer, said: "With Golden Gate's financial backing and expertise in working with women's specialty retailers, we have a tremendous opportunity to grow and expand our current operations."

Financial terms of the transactions were not disclosed.

Golden Gate Capital is a San Francisco-based investment firm with about $2.5 billion of capital under management.