Merger • Retail

Apax Exits FullBeauty Brands

On December 11, 2025, Destination XL Group invested in retailer FullBeauty Brands from Apax

Investment Context
  • This is Destination XL Group’s 1st transaction in the Retail sector.
  • This is Destination XL Group’s 1st transaction in the United States.
  • This is Destination XL Group’s 1st transaction in New York.

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Investment Summary

Date December 11, 2025
Target FullBeauty Brands
Sector Retail
Investor(s) Destination XL Group
Sellers(s) Apax
Deal Type Merger
Advisor(s) Rothschild Global Advisory (Financial)
Cleary Gottlieb Steen & Hamilton (Legal)

Target Company

FullBeauty Brands

New York, New York, United States
FullBeauty Brands operates an online marketplace and portfolio of fashion and lifestyle brands that provide apparel, intimates, footwear, swimwear, and home products tailored primarily to plus-size women and big-and-tall men. FullBeauty Brands was formed in 1901 and is based in New York, New York.
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Investor Overview 1

Investor

Destination XL Group

Canton, Massachusetts, United States

Category Company
Founded 1976
Sector Apparel/Textiles
Employees1,447
Revenue 467M USD (2025)
DESCRIPTION

Destination XL Group is a specialty retailer of big and tall men's apparel with retail operations in the United States. Company operated 360 Casual MaleXL retail stores, 60 Casual MaleXL outlet stores, 16 DestinationXL stores and 14 Rochester Clothing stores. Destination XL Group was founded in 1976 and is based in Canton, Massachusetts.


Deal Context for Investor #
Overall 1 of 1
Sector: Retail 1 of 1
Type: Merger 1 of 1
State: New York 1 of 1
Country: United States 1 of 1
Year: 2025 1 of 1

Seller Profile 1

SELLER

Apax

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 77.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.


Deal Context for Seller #
Overall 174 of 174
Sector: Retail 9 of 9
Type: Merger 4 of 4
State: New York 8 of 8
Country: United States 66 of 66
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-10 Norva24

Stryn, Norway

Norva24 is a sludge suction and related service provider formed through the merger of a number of complementary regional companies but with a similar service offering and a shared strategic vision of consolidating, professionalizing, and developing the sludge suction industry. Norva24 was formed in 1919 and is based in Stryn, Norway.

Buy kr6.6B

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