M&A Deal Summary

OpCapita and Sixth Street Partners Acquire Maurices

On March 25, 2019, private equity firm OpCapita and asset manager Sixth Street Partners acquired retailer Maurices from Ascena Retail Group

Acquisition Highlights
  • This is OpCapita’s 4th and Sixth Street Partners’ 1st transaction in the Retail sector.
  • This is OpCapita’s 1st and Sixth Street Partners’ 7th transaction in the United States.
  • This is OpCapita’s 1st and Sixth Street Partners’ 1st transaction in Minnesota.

M&A Deal Summary
Date 2019-03-25
Target Maurices
Sector Retail
Buyer(s) OpCapita
Sixth Street Partners
Sellers(s) Ascena Retail Group
Deal Type Divestiture

Target

Maurices

Duluth, Minnesota, United States
Maurices' headquarters in downtown Duluth, Minnesota.
Maurices' headquarters in downtown Duluth, Minnesota.
Maurices is a retail concept that offers a broad assortment of fashionable, high quality apparel and accessories to 17-34 year old women and men who seek stylish clothing for both casual and dressy occasions. Maurices was founded in 1931 and is based in Duluth, Minnesota.

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Buyer(S) 2

Buyer

OpCapita

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2006
PE ASSETS 700M EUR
Size Middle-Market
Type Sector Focused
DESCRIPTION

OpCapita LLP invests in a variety of European retail, consumer and leisure businesses. The Firm looks to invest between €100 and €500 million in businesses that are 'strategically sound but operationally or financially challenged'. Sub-sectors of interest within retail/consumer include apparel, general retailers, food/beverage, household/lifestyle goods, and luxury/consumer goods. The Firm will consider a variety of transactions, including carve outs of non-core divisions, balance sheet restructurings, take privates, and sales of family owned businesses. OpCapita is the successor to Merchant Equity Partners. The Firm is based in London.

DEAL STATS #
Overall 10 of 10
Sector (Retail) 4 of 4
Type (Divestiture) 5 of 5
State (Minnesota) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-19 NKD

Bindlach, Germany

NKD is a discount clothing retailer operating a chain of circa 1,800 small format stores in secondary and tertiary cities primarily in Germany and Austria with smaller operations in Croatia, northern Italy and Slovenia. NKD was founded in 1962 and is based in Bindlach, Germany.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-21 La Sirena

Barcelona, Spain

La Sirena is a frozen food specialist operating more than 260 stores. The company also distributes its branded products via its own on-line platform and through wholesale agreements with Amazon, Glovo and national retailers such as Carrefour and Eroski. La Sirena was founded in 1984 and is based in Barcelona, Spain.

Sell -
Buyer

Sixth Street Partners

Category Asset Manager
Founded 2009
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sixth Street is a global alternative asset manager and lender that offers a wide range of capital solutions to small, medium, and large companies. The Firm maintains a variety of investment vehicles focused on growth companies, infrastructure, insurance, agriculture as well as other strategies. Sixth Street was established in 2009 and is headquartered in San Francisco, California.

DEAL STATS #
Overall 7 of 26
Sector (Retail) 1 of 1
Type (Divestiture) 1 of 3
State (Minnesota) 1 of 1
Country (United States) 7 of 23
Year (2019) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-22 Keyfactor

Independence, Ohio, United States

Keyfactor is a provider of secure digital identity management solutions that enable organizations to confirm the authenticity and ensure the right things are interacting in the right ways in our connected world. Keyfactor was founded in 2001 and is based in Independence, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-10 Emplifi

Columbus, Ohio, United States

Emplifi is a provider of AI-driven customer engagement, digital self-service, and first-party consumer data management software. Emplifi’s technology enables companies to provide more efficient customer service, protect their brands, and increase customer loyalty. Emplifi was founded in 1995 and is based in Columbus, Ohio.

Buy -

Seller(S) 1

SELLER

Ascena Retail Group

Mahwah, New Jersey, United States
Category Company
Founded 1962
Sector Retail
Employees14,000
Revenue 5.5B USD (2019)
DESCRIPTION

Ascena Retail Group is a specialty retailer of apparel for women and tween girls, operating, through its wholly-owned subsidiaries Maurices, Justice, Lane Bryant, and Catherines brands. The Company was established in 1962 and is based in Mahwah, New Jersey.

DEAL STATS #
Overall 1 of 2
Sector (Retail) 1 of 1
Type (Divestiture) 1 of 2
State (Minnesota) 1 of 1
Country (United States) 1 of 2
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-18 Ann

New York, New York, United States

Ann, Inc. is a women’s specialty retail fashion brands in North America. The Company operates 1,025 Ann Taylor, Ann Taylor Factory, LOFT and LOFT Outlet stores in 47 states, the District of Columbia, Puerto Rico and Canada.

Buy $2.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-23 Ascena Retail - Ann Taylor LOFT Lou & Grey and Lane Bryant

Mahwah, New Jersey, United States

Ascena Retail's Ann Taylor, LOFT, Lou & Grey and Lane Bryant has evolved with the needs of real women who live full, happy, and accomplished lives. LOFT creates modern, feminine, and versatile clothing for a wide range of women with one common style goal: to look and feel confident, wherever the day takes them. Lou & Grey is about delivering style and comfort, inspired for millennial women. Lane Bryant had created the first known commercially sold maternity dress.

Sell -
Mergr

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