Gabriel Brothers Inc., the parent of Gabe’s and Rugged Wearhouse, has been sold to Warburg Pincus, the private equity firm.

As part of the transaction, Alvarez & Marsal Capital, the company’s current majority owner, will exit its stake in the company. Terms of the transaction were not disclosed.

Gabe’s, formerly known as Gabriel Brothers, operates 106 stores under the Gabe’s and Rugged Wearhouse banners across 11 states in the Mid-Atlantic and Southeast. The company sells apparel, footwear, accessories and home brands. It was founded in 1961 by the Gabriel family and is headquartered in Morgantown, WV.

“Gabe’s is a leading retailer with a strong and growing customer base. As consumer preference continues to shift from traditional department stores to off-price retailers, we see a compelling market opportunity to grow the business through new store openings and expansion into new regions,” said Annette Rodriguez, managing director, Warburg Pincus.

“Alvarez & Marsal Capital has enjoyed a successful partnership with the Gabriel family, current senior management and all of the Gabe’s employees in leveraging the company’s strong brand and store concept to drive significant growth throughout the period of our investment. We believe that the Company’s attractive value proposition, strong team and significant customer loyalty will serve as a strong basis for continued growth as Gabe’s transitions to new ownership,” said Kurt Kaull, managing director, Alvarez & Marsal Capital.

UBS Investment Bank and Wells Fargo Securities acted as financial advisors to Warburg Pincus. Jefferies LLC acted as financial advisor to Alvarez & Marsal Capital.