The new owner of women’s apparel retailer Maurices has a British accent.
Ascena Retail Group has completed the sale of Maurices Inc. to an affiliate of British private equity firm OpCapita in a transaction valued at approximately $300 million. The deal is OpCapita’s first U.S. investment.
Ascena received approximately $210 million in cash before expenses, and an approximately 49.6% interest in the OpCapita affiliate that is now the owner of Maurices. The U.S. retailer will continue to support Maurices on its shared business services platform through a managed services agreement, including support for IT, supply chain, sourcing, and certain back office functions.
Maurices operates 943 value-oriented fashion stores. It will continue to be led by its current management team, including president and CEO George Goldfarb. Jeff Kirwan, the former president and CEO of Gap brand, will join Maurices as executive chairman. The team will be supported by OpCapita's investment team as well as a dedicated team in the U.S.
“We believe there is a real opportunity to increase the profitability of Maurices through hands-on operational improvement,” Henry Jackson, CEO of OpCapita, stated in March when the transaction was first announced
. “We firmly believe that our consistent focus on operational discipline is a key differentiator embedded in the heart of our organization, and one we look forward to implementing at Maurices. As we establish Maurices as an independent stand-alone company, we welcome the continued support of Ascena through their retained stake and the range of services they will provide."
Ascena retail group operates approximately 3,500 stores throughout the United States, Canada, and Puerto Rico under such banners as Ann Taylor, Loft, Dressbarn, Lane Bryant, and more.