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Ascena Retail completes sale of Maurices
12 May '19
1 min read
Pic: Ascena Retail
Ascena Retail, a leading specialty retailer, has completed the sale of Maurices Incorporated to an affiliate of OpCapita. The transaction is valued at approximately $300 million. The company received approximately $210 million in cash before expenses, and an approximately 49.6 per cent interest in the OpCapita affiliate that is now the owner of Maurices.
Ascena 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.
OpCapita is a sector-focused private equity firm that specializes in transforming operationally underperforming businesses in the retail, consumer and leisure sectors. The announcement follows the March 25, 2019 release in which Ascena announced it had entered into a definitive agreement to sell the Maurices business. (RR)
Fibre2Fashion News Desk – India
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