L Catterton has acquired premium children’s apparel and lifestyle brand Hanna Andersson from private equity firm Sun Capital Partners.

Terms of the transaction were not disclosed. Adam Stone will continue to lead the Hanna Andersson brand as its president and chief executive officer. The Swedish-inspired children’s brand is part of what L Catterton describes as a “growing $7 billion premium children’s wear market.”

Stone said, “L Catterton has a unique appreciation for our company’s deep emotional connection with customers, who are fiercely loyal to — and constant promoters of — the brand. We look forward to working with L Catterton and leveraging its distinctive global consumer platform to expand our retail footprint within and outside the United States, while remaining true to our heritage of creating unique designs that let kids be kids.”

Nik Thukral, co-managing partner of L Catterton’s Buyout Fund, said, “We see an incredible opportunity in Hanna Andersson, a leading premium brand with international potential, which plays a dominant role in large and highly fragmented children’s wear market, supported by favorable demographics.”

Thukral added that L Catterton believes it can help the brand become a premier global lifestyle brand.

Kellwood acquired Hanna Andersson in July 2007 for $175 million from private equity firm Castanea Partners. Sun Capital Partners subsequently acquired Kellwood in February 2008 for $767 million, including Kellwood’s net debt. Along with Gerber Childrenswear, Hanna Andersson was part of a spin-off in November 2008 to Childrenswear, an affiliate of Sun Capital, with each one operating independently within Childrenswear. Gerber was sold to Providence Apparel in 2013.

L Catterton was formed in 2016 through the partnership of Catterton, LVMH and Groupe Arnault. It is the largest consumer-focused private equity firm in the world, operating multiple funds out of 17 offices across five continents. Catterton itself was founded in 1989.

L Catterton’s current and past investments in premium retail brands include Pirch, Sweaty Betty, Worth, Restoration Hardware, Baccarat, John Hardy, CorePower Yoga, Frédéric Fekkai, Pepe Jeans and Sandro & Maje.