Gap Inc. has entered into an agreement to sell Intermix, its upscale apparel chain, to private equity firm Altamont Capital Partners. Altamont Capital Partners intends to acquire the entire Intermix business, including all store leases, e-commerce and assets.
Gap said the transaction is another milestone as it continues to execute against its Power Plan 2023, focused on growing its lifestyle brands by leveraging its portfolio and platform, including Athleta, Old Navy, Gap, and Banana Republic. In April, Gap Inc. completed a transaction to sell Janie and Jack, the children’s apparel and accessories brand, to Go Global Retail.
Gap Inc. Head of Strategy, Sally Gilligan, commented, “We are committed to driving long-term, profitable growth for our shareholders and employees while delivering unique product and experiences for our customers at scale. The sale of Janie and Jack and planned transaction of Intermix demonstrate how we are prioritizing our strategic focus and resources behind the growth and potential of Old Navy, Gap, Banana Republic and Athleta.”
BofA Securities, Inc. acted as the exclusive financial advisor to Gap Inc. on the transaction. Terms of the agreement were not disclosed.
Gap Inc. acquired Intermix in 2012. The brand currently has 31 retail stores in the U.S. and an e-commerce business.
Photo courtesy Intermix
