Gap will sell its Intermix business to PE firm Altamont Capital Partners

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Gap shares were down around 2% by Tuesday afternoon. The company’s stock is up more than 340% over the past 12 months. It has a market cap of $13 billion. By getting rid of these two fashion banners, the company will be able to focus more on growing its stronger-performing Athleta and Old Navy brands, while working to turn around its namesake Gap label as well as Banana Republic. BofA Securities was Gap’s financial advisor.

She added that the deal isn’t expected to have a material impact on its margins. Gap acquired Intermix in 2012 for roughly $130 million in cash. The business represented a little less than 1% of Gap’s 2020 sales of $13.8 billion, a Gap spokeswoman said.

In April, Gap sold Janie and Jack, a high-end children’s clothing brand it acquired from Gymboree, to Go Global Retail. Altamont will acquire the entire Intermix business, including its store leases and e-commerce operations. Intermix operates 31 U.S. stores. Financial terms weren’t disclosed.

Source www.cnbc.com Read the full release from Gap.

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