Atlantic Street Capital invests in Alex Apparel Group, Inc.
Northern Edge Advises on the Investment in a Leading US based Designer and Distributor of Branded Women’s Eveningwear
Effective Monday, Dec. 19, 2011 – Northern Edge is pleased to announce an investment in Alex Apparel Group, Inc., a leader in moderately-priced traditional eveningwear, by Atlantic Street Capital, a Stamford, CT based private equity firm.
Headquartered in New York City, Alex designs, sources and distributes branded ladies’ eveningwear dresses and separates to the moderate to upper-moderate segments of the Women’s Apparel Industry. The Company’s simple and classic traditional designs are sold under the Alex Evenings and Alex & Eve brand names. Distributed in over 3,400 stores nationally, Alex’s merchandise is available at leading department stores, including Macy’s, Dillard’s, and Nordstrom, in addition to specialty boutiques.
Alex was co-founded in 1989 by Dean and Jeanne Brizel, who will continue in their existing roles as CEO and Head Designer, respectively. They remain shareholders alongside ASC in the transaction.
Mr. Brizel, co-founder of Alex, said, “We are very excited about our new partnership with Atlantic Street Capital. We are confident we can take the Company to the next level and we can better capitalize on the many growth opportunities with the benefit of additional management and financial resources that Atlantic Street’s team can provide.”
“Dean and Jeanne have developed Alex into a leader in its category and we are excited to partner with them to further build on its reputation and strong customer relationships developed over the past 22 years,” said Peter Shabecoff, ASC’s Managing Partner. “This investment fits perfectly with Atlantic Street Capital’s strategy of partnering with accomplished entrepreneurs to help them develop the infrastructure and capabilities for increased growth. Alex has achieved well deserved success in its core channels and we look forward to pursuing opportunities that will further the reach of the Company’s distribution.”
“This successful partnership with ASC will allow the Brizels to further strengthen their leading market position in their category. The Company’s new growth initiatives include developing new price point categories, enhancing the Company’s sales and marketing efforts and developing additional brands. I am very proud to have been associated with this transaction and all the efforts of the Northern Edge team in finding the right financial partner. I am confident the partnership will allow Alex to realize their desire to further expand their business”, said Richard Zytkowicz, Senior Vice President at Northern Edge.
About Atlantic Street Capital
Atlantic Street Capital is a private equity firm that invests in middle market companies with between $25 and $150 million in revenue. The firm invests in fundamentally sound companies that will benefit from capital investment and value-adding strategic and operational initiatives. Atlantic Street Capital’s partners are hands-on investors who work closely with management to unlock their business’ underlying value and help them succeed. The firm is currently investing from Atlantic Street Capital Partners, L.P. II. For more information, visit www.atlanticstreetcapital.com.
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