Opcapita Consumer Opportunities Fund II LP agreed to buy a majority interest in Maurices Inc. in a deal that gives the Duluth, Minn.-based women's apparel retailer an enterprise value of $300 million.
The target company's parent, Ascena Retail Group Inc., will still own a significant stake in the business and will still provide brand support services.
Maurices President and CEO George Goldfarb will remain at the helm, alongside the company's management team, which also invested in the transaction. Former The Gap Inc. President and CEO Jeff Kirwan will join Maurices' board as executive chairman.
The deal, set to close by early summer, is not contingent on Ascena shareholders' approval. Fund II is managed by private equity firm OpCapita LLP, which targets retail, consumer and leisure companies.
PJ Solomon is financial adviser to OpCapita, and Clifford Chance US LLP is its legal adviser. Guggenheim Securities is acting as financial adviser to Ascena, and Proskauer Rose LLP is its legal adviser.