New York City -- Private equity firm Irving Place Capital announced Tuesday that it acquired value-oriented women’s apparel and accessory retailer Dots. Terms of the transaction, which closed on Jan. 3, were not disclosed.
“This acquisition is a wonderful opportunity for Dots to capitalize on its brand and accelerate its growth through its partnership with IPC, one of the most successful investors in specialty apparel retail,” said Bob Glick, founder and outgoing CEO, Dots, Glenwillow, Ohio, which operates more than 400 stores within a 26-state footprint.
Glick will succeed as chief executive of Dots by Rick Bunka, a former president of the chain.
“With the strength of the Dots brand and the investments we have made in our teams, stores and infrastructure, we are excited about the significant growth opportunities we see ahead,” Bunka said. “We are confident that Irving Place Capital’s investment and expertise in growing retail companies into nationally recognized brands will help us achieve our goal of delivering affordable fashion to more customers than ever before.”
IPC’s notable retail investments have included Aeropostale, New York & Company, The Vitamin Shoppe, Seven for All Mankind, and Stuart Weitzman.
“Historically some of IPC’s most successful investments have been in high-growth specialty retailing companies,” said John Howard, CEO of IPC. “We are looking forward to working with Dots’ management team to grow the business and drive incremental value. With a strong position in the affordable apparel segment, a loyal existing customer base, and a committed management team, Dots represents a compelling investment opportunity.”