American worldwide clothing and accessories retailer Gap Inc has entered into an agreement to sell Intermix, a leading omni-channel fashion boutique for customers seeking a highly curated shopping experience. Private equity firm Altamont Capital Partners intends to acquire the entire Intermix business, including all store leases, e-commerce and assets.
Gap Inc. acquired Intermix in 2012 and today the brand has 31 store locations in the United States and an e-commerce business.
This transaction is another milestone as Gap Inc continues to execute against its Power Plan 2023, with acute focus on growing its purpose-led, billion-dollar lifestyle brands by leveraging the power of its portfolio and its platform, the company said in a statement. In April, Gap Inc completed a transaction to sell Janie and Jack, a leader in premium children’s apparel and accessories, to Go Global Retail.
“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 prioritising our strategic focus and resources behind the growth and potential of Old Navy, Gap, Banana Republic and Athleta,” Gap’s head of Strategy Sally Gilligan said.
BofA Securities, Inc acted as exclusive financial advisor to Gap on the transaction. Terms of the agreement were not disclosed.