STAMFORD, CT, May 28, 2019 – Atlantic Street Capital, a private equity firm targeting entrepreneurial businesses poised for the next level of growth, announced today the sale of Alex Apparel Group, Inc. (the "Company"), a leading branded designer of better priced social dresses and separates under the brand name ALEX EVENINGS, to Versa Capital Management, LLC.
Under Atlantic Street Capital's ownership, the company established a stronger connection with its consumer base and retail partners. The Company experienced dramatic growth by broadening its distribution and dramatically increasing its ecommerce business. In addition, after recruiting Colleen Kelly as Chief Executive Officer, Atlantic Street Capital completed the acquisition of SL Fashions Group, a leading designer of moderate priced social dresses and separates. The acquisition led to entry into new markets across the entire value-priced segment of social occasion eveningwear and important new sales channels, including e-commerce, specialty chains, and boutiques.
Colleen Kelly, CEO of Alex Apparel, commented on the company’s transition, stating, "Our brands, ALEX EVENINGS and S.L. FASHIONS have become leaders in the dress market due to our classic designs, excellent quality, and great price value. We are proud of what our entire team has accomplished and we look forward to becoming part of Versa Capital, who will help us continue our great momentum."
Peter Shabecoff, Managing Partner of Atlantic Street Capital, commented "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. We are very pleased with the outcome of this investment and our involvement in helping build this brand to last another 30 years and beyond."
Lincoln International served as financial advisors to Atlantic Street Capital and Kramer Levin provided legal counsel.
About Alex Apparel
Alex Apparel designs, sources and distributes branded eveningwear dresses and separates to the better and moderate priced segment of the women’s apparel industry. The company’s classic designs are sold under the Alex Evenings and the SL Fashions brands are distributed in over 3,400 leading department stores and specialty boutiques nationwide. Visit www.alexevenings.com.
About Atlantic Street Capital
Atlantic Street Capital is a private equity firm that invests in middle market companies with between $4 million and $15 million in EBITDA. The firm invests in fundamentally sound companies that will benefit from capital investment and value-adding strategic and operational initiatives. Atlantic Street Capital’s investment team are hands-on investors who work closely with management to unlock their business’ underlying value and help them succeed. The firm is currently making investments in Atlantic Street Capital IV, LP. For more information, visit www.atlanticstreetcapital.com.
About Versa Capital Management, LLC
Versa Capital Management, LLC is a private equity investment firm focused on control investments in special situations involving middle market companies and their management teams. Versa focusses on businesses in a diverse array of industries where value and performance growth can be achieved through enhanced strategic, operational and financial management. For more information, please visit www.Versa.com.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC