CDIB Capital Invests in maurices, A Leading Women's Specialty Apparel Retailer in North AmericaNew York, May 23, 2019
CDIB Capital Group (“CDIB”) is pleased to announce the completion of its investment in Maurices Incorporated (“maurices” or the “Company”), a leading specialty apparel retailer in the US and Canada. CDIB partnered with OpCapita LLP (“OpCapita”), a European middle market private equity firm, in its acquisition of maurices from ascena retail group, inc. (Nasdaq: ASNA) (“ascena”). The transaction is valued at approximately $300 million and was completed on May 6th, 2019. CDIB’s provided acquisition financing to OpCapita in the form of structured senior secured notes and warrants.
Founded in 1931, maurices is a specialty hometown retailer committed to bringing affordable, versatile, and fashionable clothing to women in small towns across the U.S. and Canada. Based in Duluth, Minnesota, with over $1.0 billion in revenue in 2018, maurices’ product range includes women’s casual apparel, career wear, dressy wear, active wear, shoes, and accessories.
Pietro Cinquegrana, Managing Director at CDIB commented, “We structured our investment in maurices to provide an attractive risk-adjusted return profile to our investors – offering a solid and stable platform underpinned by maurices’ established brand recognition and expansive retail presence, and strong potential for accelerated growth under OpCapita’s proven leadership. We believe the OpCapita team possesses the unique capabilities of deep sector expertise and required hands-on operational involvement to make the investment a success.”
“Our investment in maurices further demonstrates CDIB’s ability to construct, lead and seamlessly execute on a variety of equity and debt capital solutions for the global market. We are excited to partner with OpCapita on its acquisition of maurices and look forward to supporting the Company and management on its next chapter of transformative growth and profitability” said Lionel de Saint-Exupéry, Chief Executive Officer of CDIB.
About CDIB Capital Group
CDIB Capital Group is a leading pan-Asian private equity fund manager with in excess of US$2.5 billion assets under management. With over 60 years of experience in private equity and venture capital investment, CDIB Capital Group currently has a range of funds under management covering early incubation to late stage growth and buyout, as well as a range of focus areas across industries and geographies, including consumer, advanced manufacturing, new services, healthcare and technology. We are an affiliate of China Development Financial (“CDF”), one of the largest and most established merchant banking groups in Greater China with approximately US$90 billion in assets.
CDIB Capital Group has offices in Hong Kong, Taipei, Shanghai, Seoul and New York. For more information, please visit our website at www.cdibcapitalgroup.com.