Private equity firm Irving Place Capital (IPC) has moved to acquire fast fashion women’s apparel retailer Dots for an undisclosed sum.

Established in 1987, Dots now has more than 400 stores in 26 states, focused primarily in the Midwest, East and Southeast, and aimed at customers aged 25 to 35.

Dots founder and outgoing CEO Bob Glick is to leave the business, to be replaced by former president Rick Bunka.

“With the strength of the Dots brand and the investments we have made in our teams, stores and infrastructure, we are excited about the significant growth opportunities we see ahead,” said Bunka.

“We are confident that Irving Place Capital’s investment and expertise in growing retail companies into nationally recognised brands will help us achieve our goal of delivering affordable fashion to more customers than ever before.”

IPC CEO John Howard added: “With a strong position in the affordable apparel segment, a loyal existing customer base and a committed management team, Dots represents a compelling investment opportunity.”