Alex Apparel Bought by Versa Capital

Seizing upon one of the healthier fashion niches, Versa Capital Management LLC has acquired the Alex Apparel Group, which specializes in classic-styled, better- and moderate-priced social dresses and separates. The Versa private equity firm, through an affiliate, purchased Alex Apparel from Atlantic Street Capital, another private equity firm, for an undisclosed price. The 29-year-old Alex Apparel is an important resource to department and specialty stores in North America such as Macy’s, Nordstrom, Von Maur, Belk, Dillard’s and David’s Bridal. The company generates about $100 million in annual revenues, sources said, and designs and wholesales dresses and separates under the Alex Evenings, SL Fashions and Ignite Evening brands. It does sell directly to consumers, either through its own stores or via its own e-commerce. Colleen Kelly will continue as chief executive officer of Alex Apparel and has joined the board of Versa Capital. She will report to the board. “Colleen has done a good job repositioning the company,” Greg Segall, ceo of Versa, told WWD. “The company has enjoyed consecutive years of growth. Not withstanding the challenges of the channels it sells to, Alex Apparel has a strong and specialized niche, and we’ve done a lot of research around the customer base — both the

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