Off-price retailer acquired with eye to expansion
Private-equity firm Warburg Pincus has agreed to acquire Gabriel Brothers (Gabe's) from Alvarez & Marsal Capital.
The terms of the transaction were not disclosed.
Gabe's, formerly known as Gabriel Brother's, operates 106 stores under the Gabe's and Rugged Wearhouse banners across 11 states in the Mid-Atlantic and Southeast. The company, which sells leading apparel, footwear, accessories, and home brands at a discount, was founded in 1961 by the Gabriel family and is headquartered in Morgantown, West Virginia.
"Gabe's is a leading retailer with a strong and growing customer base,” said Annette Rodriguez, managing director, Warburg Pincus. “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.”
Warburg Pincus is a leading global private equity firm focused on growth investing. Current and former investments in the retail and consumer goods sectors include Glansaol, Neiman Marcus, Poundland, REISS, Wanse, Biba Apparels, Kalyan Jewellers, Kidswant, and Intime Department Store Group, among others.
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