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Golden Gate adds Eddie Bauer, PacSun to new operating company

San Francisco-based private equity investment firm Golden Gate Capital said June 7 that it has established PSEB Group, a new operating company, which will be composed of its clothing brands Eddie Bauer LLC and Pacific Sunwear of California LLC.

PSEB will have a retail footprint of more than 700 stores and is projected to reach $1.5 billion in total combined sales for 2018, including $400 million in online sales.

In 2017, performance outerwear and gear maker Eddie Bauer recorded a 6.5% increase in same-store sales, while PacSun, which sells clothes and footwear primarily targeted at teens and young adults, posted a 5% growth.

Eddie Bauer CEO and President Mike Egeck will serve as CEO of PSEB and will oversee both the Eddie Bauer and PacSun brands.

Golden Gate said both brands will continue operating independent front ends, including unique brand identities, design and merchandising, among others.

The transaction is expected to close in the third quarter of 2018, subject to certain closing conditions.