(Filed Under wholesale Plus Size News). GB Merchant Partners’ 1903 Equity Fund, the institutional private equity affiliate of Gordon Brothers Group, announced last week that it has acquired Ashley Stewart. Urban Brands Inc., the parent company of Ashley Stewart, filed for chapter 11-bankruptcy protection in September.

“Ashley Stewart is an iconic brand in the plus-size fashion industry,” said James Rhee, managing director of GB Merchant Partners. “The brand commands intense loyalty amongst a loyal customer base. By funding a business with a significant amount of capital and no third party debt, we have given an accomplished management team the resources to expand the store footprint and explore alternative avenues of growth, including licensing, wholesale and e-commerce.”

Ashley Stewart’s C.E.O, Laura Weil, and president, Steve Newman, said in a joint statement: “We are delighted to be partnering with GB Merchant Partners. They have delivered at every stage of the recapitalization process, and their creativity and perseverance, coupled with deep personal and institutional relational relationships, enabled Ashley Stewart to embark on a well- deserved, brand-building and growth strategy.”

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Published 11-12-2010 by Amanda Torres Price