Ashley Stewart, a plus-size fashion retailer, has been acquired by GB Merchant Partners' 1903 Equity Fund, a private equity affiliate of Gordon Brothers Group.
Ashley Stewart operates more than 200 stores, as well as Ashleystewart.com. The retailer, based in Secaucus, N.J., was founded in 1991. The women's fashions include sportswear, lingerie and outerwear.
"Ashley Stewart is an iconic brand in the plus-size fashion industry," says James Rhee, managing director of GB Merchant Partners. "The brand commands intense loyalty amongst a loyal customer base. By funding the business with a significant amount of permanent capital and no third-party debt, we have given an accomplished management team the resources to expand the store footprint and explore alternative avenues of growth, including licensing, wholesale and e-commerce. We look forward to being part of this new and exciting chapter in the life of Ashley Stewart."