Gap Inc. has entered into an agreement to sell omnichannel fashion retailer Intermix to private equity firm Altamont Capital Partners. Gap acquired Intermix in 2012 and the brand now operates 31 U.S. store locations and an ecommerce business. Altamont Capital Partners plans to acquire the entire Intermix business, including all store leases, ecommerce and assets.
In April, Gap completed the sale of its Janie and Jack business — specializing in children’s apparel and accessories — to Go Global Retail. These transactions are part of Gap’s Power Plan 2023, which focuses on growing its purpose-led, billion-dollar lifestyle brands by leveraging the power of its portfolio and its platform.
“We are committed to driving long-term, profitable growth for our shareholders and employees, while delivering unique product and experiences for our customers at scale,” said Sally Gilligan, Head of Strategy at Gap Inc. in a statement. “The sale of Janie and Jack and planned transaction of Intermix demonstrate how we are prioritizing our strategic focus and resources behind the growth and potential of Old Navy, Gap, Banana Republic and Athleta.”
BofA Securities Inc. acted as exclusive financial advisor to Gap Inc. on the transaction. Terms of the agreement were not disclosed.