US off-price fashion retailer Gabriel Brothers has been acquired by global private equity firm Warburg Pincus for an undisclosed sum.

As part of the transaction, Alvarez & Marsal Capital, the company's current majority owner, will exit its stake in the company. Terms of the transaction were not disclosed.

Gabe's, formerly known as Gabriel Brother's, operates 106 stores under the Gabe's and Rugged Wearhouse banners across 11 states in the mid-Atlantic and southeast of the US. The company sells apparel, footwear, accessories, and home brands at up to 70% off department and speciality store prices.

"Gabe's is a leading retailer with a strong and growing customer base," says Annette Rodriguez, managing director of Warburg Pincus. "As consumer preference continues to shift from traditional department stores to off-price retailers, we see a compelling market opportunity to grow the business through new store openings and expansion into new regions."

Kurt Kaull, managing director of Alvarez & Marsal Capital, adds that Gabe's "attractive value proposition, strong team and significant customer loyalty" will serve as a strong basis for continued growth under new ownership.

"Alvarez & Marsal Capital has enjoyed a successful partnership with the Gabriel family, current senior management and all of the Gabe's employees in leveraging the company's strong brand and store concept to drive significant growth throughout the period of our investment."