An affiliate of Versa Capital is now the new owner of Alex Apparel Group.
The private equity firm acquired the better-priced special occasion dresses and separates company for an undisclosed amount, taking the business from Atlantic Street Capital, another private equity firm. Atlantic had acquired Alex Apparel, which markets its designs under the brand name Alex Evenings in 2011.
Under Atlantic’s ownership, the apparel firm grew its distribution and e-commerce businesses. Alex Apparel also acquired SL Fashions Group in April 2017, a business that targets moderately-priced social dresses and separates. The acquisition allowed Alex Apparel to enter the value-priced distribution segment of the market. It was also during Atlantic’s ownership that Colleen Kelly joined Alex Apparel as chief executive officer.
Greg Segall, chief executive officer of Versa Capital, said, “Over the past several years, Colleen and her team have been repositioning Alex’s brands, improving product design, growing existing customer revenue and implementing best practices in sourcing and production. We look forward to working with the Alex Apparel team to capitalize on the numerous growth opportunities from increased direct engagement with end-customers, greater sales channel diversification, and potential strategic acquisitions.”
Kelly said the Versa acquisition will give the company the “tools and resources to advance our strategy” of providing women with high quality classic-social evening wear.
Peter Shabecoff, Atlantic’s managing partner, said, “We acquired a leading brand that was well established in its core channels that we knew had tremendous further potential. Colleen and her team did an outstanding job in broadening the business, in particular building the e-commerce wholesale channel from virtually zero to today which accounts for approximately one-third of the business.”
Shabecoff added that Atlantic is “very pleased with the outcome of this investment and our involvement in helping build this brand to last another 30 years and beyond.”
Founded in 1989, Alex Apparel sells its lines under the Alex Evenings, SL Fashions and Ignite Evenings brands in more than 3,400 department stores, including Macy’s Inc. and Dillard’s Inc., and specialty boutiques nationwide. The New York City-based company also sells on alexevenings.com.