Atlantic Street Capital Announces Sale Of Alex Apparel Group To Versa Capital

STAMFORD, Conn. — 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., a 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 CEO 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, 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. 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.

Posted May 28, 2019

Source: Atlantic Street Capital