Yahoo Movies Intermix Said to Have a Buyer: Regent L.P.
Intermix, the 30-unit multibrand specialty store, appears to be on the verge of being sold.
Regent L.P., the Beverly Hills private equity firm, has signed a deal to acquire Intermix from Altamont Capital Partners, the Palo Alto, California-based private equity firm, said informed sources. Regent’s investments include Club Monaco, Escada, DiamondBack, La Senza, Sassoon, Lillian Vernon, Plainville Farms and Sunset Magazine, among other brands.
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Officials at Regent and Altamont Capital Partners couldn’t be reached for comment Wednesday night. A spokeswoman for Intermix didn’t return an email seeking comment.
Sources said 60 Intermix employees have been laid off. As reported last month, Intermix has paused all payments to vendors.
Regent had competed against another bid from Intermix cofounder Haro Keledjian and his ex-wife, Sari Sloane (former fashion director of Intermix), who are business partners in The Westside and Everafter, who were putting together a pool of investors to acquire Intermix, said sources.
Regent is said to want to expand Intermix, run it more efficiently and invest more in its direct-to-consumer channel, leveraging its e-commerce expertise.
Last month, when rumors began flying that Intermix was in financial trouble, the company said it was “exploring several options to navigate the challenging retail and economic environment in an effort to strengthen the company’s long-term position. The company is confident in its path forward.”
Intermix has been faced with too much inventory, a slowdown in sales, improperly budgeting for overall expenses and a highly competitive and challenging retail environment. The retailer’s transition to a stand-alone company after being owned by Gap Inc. has been a difficult road. In May 2021, Gap sold Intermix to Altamont Capital Partners, which included all store leases, e-commerce and assets, for an undisclosed sum. Intermix had accounted for less than 1 percent of Gap Inc’s sales. The Gap had acquired Intermix for $130 million in 2012.
Last month, Karen Katz, the interim chief executive officer of Intermix, stepped down and was succeeded immediately by James Rushing, the interim chief financial officer. Rushing was named interim CEO. Katz had been in the role since June 7, and remained on the board, which she joined in April. She couldn’t be reached for comment Wednesday. Katz had taken over from CEO Jyothi Rao, who resigned for personal reasons last spring after eight years in the role. She had succeeded Intermix cofounders and brothers Haro and Khajak Keledjian in leading the company.
Altamont Capital’s portfolio includes such brands as Planet Fitness, Billabong and Brixton.
Among the contemporary and designer brands that are sold at Intermix are Ulla Johnson, Frame, Jimmy Cho, Altuzarra, A.L.C., Ganni, Ronny Kobo, Veronica Beard, L’Agence, Mackage, Missoni, Proenza Schouler, Re/Done, Cinq à Sept, Jonathan Simkhai, Farm Rio and LaQuan Smith.
Reached for comment Thursday after the news of Regent broke in WWD, Gary Wassner, CEO of Hilldun Corp., Intermix’s factor, said he couldn’t confirm whether Regent is the buyer but said if that were the case, “it’s really positive and exciting. Let’s see what they have in mind for the future.”
He noted that Hilldun is Intermix’s largest creditor and that it’s very important for him that they get new financing. His firm hasn’t been paid by Intermix since early November, when the news came out that Intermix was experiencing financial trouble. He said he has many clients who have shipped them and haven’t been paid, and they’re all waiting to be able to start delivering again. “It sounds like a great opportunity for Intermix if it is Regent,” he added.
In May 2021, Ralph Lauren sold Club Monaco to Regent L.P. Since its inception, Regent has successfully acquired businesses from leading Fortune 500 and large-cap companies around the globe and deploys its strategic operational expertise to fuel growth. Its portfolio includes companies in retail, media and technology.
