Redcats USA, a subsidiary of French holding company PPR SA, has completed the sale of its misses’ division that includes Chadwick’s, Metrostyle and Closeout Catalog Outlet to Monomoy Capital Partners, a $280 million private equity fund in the U.S.
Terms of the transaction were not disclosed.
Monomoy on Monday named Chas Hepler as the chief executive officer of its new acquisition, renamed the Women’s Apparel Group. The fund also appointed David Myles as chief operating officer. Both were at SD Retail Consulting Inc., a firm specializing in direct retail.
Mitch Schaffer, managing director at the consumer banking division of Stifel Nicolaus, the lead adviser to Redcats, said the deal was a cash transaction. He also said there were both strategic and private equity buyers interested in the properties.
The misses’ division has an annual volume of over $300 million and includes both Web and catalogue operations.
Redcats said in January that it intended to sell the division following its acquisition of the United Retail Group, which includes almost 500 Avenue stores, to focus on plus-size apparel for men and women and on outdoor gear.
“Our customer base has remained extremely loyal in a difficult retail environment, and we can continue to build a great business here by engaging all of our employees and providing our customers with consistently superior service and products,” said Hepler.
According to Monomoy, the women’s apparel group targets women between the ages of 25 and 55.