On Monday evening, Ascena Retail Group Inc. announced it completed its previously announced sale of Maurices Inc.
The transaction, valued at approximately $300 million, was first announced in March.
According to the Mahwah-based retailer, which boasts such brands as Ann Taylor, Lane Bryant and Justice, Ascena will receive about $210 million in cash, before expenses, and an approximate interest in Maurices new owner, an OpCaita affiliate, of about 49.6 percent.
Ascena said it will continue to support the brand on its shared business services platform via a managed services agreement which includes support for IT, supply chain, sourcing and other back office functions.
OpCapita LLP is a private equity firm specializing in the transformation of underperforming retail, consumer and leisure sector businesses.