Gordon Bros. affiliate acquires Ashley Stewart

Boston GB Merchant Partners' 1903 Equity Fund L.P., the institutional private equity affiliate of Gordon Brothers Group, announced late Monday that it has acquired Secaucus, N.J.-based plus-size retailer Ashley Stewart.

"Ashley Stewart is an iconic brand in the plus-size fashion industry," said James Rhee, managing director of GB Merchant Partners. "The brand commands intense loyalty amongst a loyal customer base. By funding the business with a significant amount of permanent capital and no third-party debt, we have given an accomplished management team the resources to expand the store footprint and explore alternative avenues of growth, including licensing, wholesale and e-commerce.”

Ashley Stewart currently operates more than 200 stores in the United States.

GB Merchant Partners said it has structured the transaction so that it has acquired the assets with no outstanding liabilities.