Further, Mr. Rounick and Warren Weiner, the Company's current Executive Vice President, have entered into agreements whereby they have agreed to provide consulting services to the Company for a period of three years after the closing of the acquisition.
"We are delighted to announce our acquisition of Deb Shops, a specialty retailer with significant growth potential, both in terms of revenues and operational improvement," stated Thomas H. Lee, President of Lee Equity Partners.
"The transaction with Deb Shops, a company which Messrs Rounick and Weiner have guided to many years of successes, creates a terrific opportunity for our firm. Given our industry expertise in retail and our focus on post-investment operating improvement, we are excited to collaborate with Deb Shops existing management to refresh the store operational model and to execute a new store growth plan."
Allen Questrom, Senior Advisor of Lee Equity Partners, stated: "In a very competitive junior apparel segment, Deb Shops is differentiated by its fashionable, value-oriented merchandise and strong positioning with junior regular and plus-size customers."
"We look forward to growing the company's already strong customer base and continuing to roll out its plus-size merchandise offering. The company's demonstrated strength in its markets is a testament to the quality of the franchise that the current leadership has built."
"We believe that with our firm's involvement, Deb Shops can maintain and grow its wonderful relationship with its customers, while presenting a renewed, more exciting offering in the years to come. I'm looking forward to working with the Deb team."
marketing@alchempro.com
