American women’s clothing retailer Ascena Retail group has closed the sale of a majority interest in its subsidiary Maurices Incorporated, to British private equity firm OpCapita’s affiliate for approximately $300m.

As part of the agreement, announced during March this year, ascena received nearly $210m in cash before expenses and around 49.6% interest in the OpCapita affiliate that will own Maurices.

Under a managed services agreement, ascena will continue to provide IT, supply chain, sourcing and certain back office support services, to Maurices on its shared business services platform.

“Our management team is very enthusiastic about this next chapter for maurices.”

maurices president and CEO George Goldfarb along with the current management team will continue to lead the business. Gap former president and CEO Jeff Kirwan has been appointed as the executive chair of maurices.

While signing the agreement, Goldfarb said: “Our management team is very enthusiastic about this next chapter for maurices, which will enable us to realise our full potential and compete most effectively as a specialty hometown retailer.

“OpCapita’s world-class team brings extensive operating, retail, and financial capabilities and can provide substantial insights and day-to-day assistance that will help maurices create enhanced value.

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“We are also very pleased to welcome Jeff to our team and look forward to benefitting from his industry knowledge and the fresh perspective he will bring to maurices. We have a clear vision for the future that we expect will strengthen our ability to create attractive opportunities for our associates, customers, and other business partners.”

PJ Solomon acted as the financial advisor and Clifford Chance US as the legal counsel to OpCapita on this transaction. Guggenheim Securities served as the financial advisor and Proskauer Rose as the legal counsel to ascena.