Maurices Incorporated, a Duluth, Minnesota-based specialty retailer focused on women’s value apparel, received a majority equity investment from OpCapita.
The investment was made by OpCapita Consumer Opportunities Fund II LP, advised by OpCapita LLP, a private equity firm specializing in the operational improvement of businesses in the retail, consumer and leisure industries.
Certain members of the maurices management team will invest alongside OpCapita in the transaction, which values maurices at an enterprise value of $300 million.
maurices’ current parent company, ascena retail group, inc. (Nasdaq: ASNA), will retain a significant equity interest in the business and will continue to provide brand support services.
Founded in 1931, maurices is a specialty hometown retailer committed to bringing affordable, versatile, and flattering clothing to women in small towns across the U.S. and Canada. The product range includes women’s casual apparel, career wear, dressy wear, active wear, shoes, and accessories.
The company, which had over $1.0 billion in revenue in 2018, will continue to be led by George Goldfarb, President and Chief Executive Officer, and its current management team.
Jeff Kirwan, the former President and CEO of Gap brand who has extensive experience in large-scale specialty apparel retail, will join maurices as Executive Chairman.
The management team will be supported by OpCapita’s investment team, as well as a dedicated team in the U.S.
The transaction is expected to be completed by early summer and is subject to customary closing conditions and approvals.