Majority of Duluth-Based Maurices Bought Out by European Investment Company
Longstanding Duluth-based clothing retailer Maurices has had the majority of its business bought out by a European investment company.
DULUTH, Minn.-Longstanding Duluth-based clothing retailer Maurices has had the majority of its business bought out by a European investment company.
The group OpCapita Consumer Opportunities Fund II LP made that announcement today. Maurices’ current parent company, Ascena Retail Group, Inc., will retain a significant equity interest in the business and will continue to provide brand support services.
Maurices currently has a value of about $300 million according to investors, having $1 billion in revenue in 2018
Maurices, which was founded in 1931, will continue to be led by president and chief executive officer George Goldfarb and its current management team.
“Our management team is very enthusiastic about this next chapter for Maurices, which will enable us to realize our full potential and compete most effectively as a specialty hometown retailer,” Goldfarb said in a statement. “OpCapita’s world-class team brings extensive operating, retail, and financial capabilities and can provide substantial insights and day-to-day assistance that will help Maurices create enhanced value.”
The Maurices transaction is expected to be completed by early summer and is subject to customary closing conditions and approvals, according to a release from OpCapita.