Golden Gate Buys Stake in Ann Taylor

The private equity firm Golden Gate Capital Partners (San Francisco) has acquired a 9.5 percent stake in Ann Inc. (New York), parent company of Ann Taylor, LOFT, Ann Taylor Factory and LOFT Outlet stores.

In a letter to the retail brand’s management, Golden Gate said that it did not plan to seek changes to the retailer’s board or executive team, or to push for a sale.

“We have tremendous respect and admiration for you and your company, and we look forward to working with you as a meaningful, constructive, long-term investor,” executives at Golden Gate wrote.

Ann Inc. beat profit expectations all last year. Its stock price has risen nearly 21 percent over the last 12 months.

Golden Gate already owns stakes in such retail operations as Eddie Bauer (Bellevue, Wash.), J. Jill (Quincy, Mass.) and Payless ShoeSource (Topeka, Kansas).

Last fall, the equity investor briefly got involved on behalf of Jos. A. Bank Clothiers Inc. (Hampstead, Md.) in its on again, off again effort to buy Men’s Wearhouse Inc. (Houston). It also lent money to Zale Corp. (Irving, Texas), the troubled jewelry retail chain, which has since been acquired by Signet Jewelers Ltd. (London).