Alex Apparel Switches Sponsors

Alex Apparel Switches Sponsors

Atlantic Street Capital has sold Alex Apparel Group to Versa Capital Management.

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 designs are sold under the Alex Evenings and the SL Fashions brands and are distributed in over 3,400 department stores and specialty boutiques nationwide.

Alex Apparel, with annual revenues of approximately $100 million, was co-founded in 1989 by Dean and Jeanne Brizel and is headquartered in New York (

Under Atlantic Street’s ownership, which began in December 2011, the company broadened its distribution channels and increased its e-commerce business. In February 2015, Colleen Kelly was hired as the company’s chief executive officer with co-founder Dean Brizel being named as the company’s new chairman of the board. In March 2017, the company acquired SL Fashions Group, a New York-based designer and distributor of moderate priced social dresses and separates sold under the SL, JR Nites, and Ignite brands through the department store channel. SL Fashions also produces private-label products.

“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,” said Peter Shabecoff, managing partner of Atlantic Street.

Atlantic Street invests from $15 million to $40 million in middle market companies with EBITDA from $4 million to $15 million. The firm invests across a range of sectors but has a specific interest in healthcare, multi-unit retail, business services, and consumer products and services. Atlantic Street was founded in September 2006 and is based in Stamford, CT (

“Our brands Alex Evenings and SL Fashions have become leaders in the dress market due to our classic designs, excellent quality, and great price value,” said Ms. Kelly. “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.”

Versa Capital Management, the buyer of Alex Apparel, makes control investments in companies with revenues from $50 million to $1 billion or assets of $25 million to $500 million. The firm is based in Philadelphia (

Lincoln International ( was the financial advisor to Atlantic Street and Kramer Levin ( provided legal services.

© 2019 Private Equity Professional | May 29, 2019

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