Rebecca Minkoff Sells Stake to TSG Consumer–UPDATED

TSG Consumer Partners has acquired a minority stake in handbag and apparel designer Rebecca Minkoff.

Financial terms of the deal weren’t disclosed. The transaction closed March 2, according to Women’s Wear Daily.

Rumors of this deal have been circulating for a while. Mergers & Acquisitions reported it earlier this month while Women’s Wear Daily had the story on Monday. We’re hearing the transaction did happen.

UPDATE: Brian Krumrei, a TSG principal, confirmed the deal. “We are very excited to partner with Rebecca Minkoff, one of the fastest growing designers in the industry,” he said in a statement. “Her unique vision and passion for design are truly inspiring. The brand has tremendous opportunity ahead and we feel honored to be part of the family.”

Minkoff is known for her handbags, accessories and apparel line, which are geared for the “fashion forward female.” The designer gained notice in 2001 when an “I Love New York” T-shirt she designed was featured on Jay Leno and also appeared in US Weekly. In 2005, she unveiled the “Morning After Handbag,” which became a success. The designer in 2009 then launched a “ready to wear” apparel line.

Minkoff reportedly produced about $35 million in revenue last year. Uri Minkoff, Rebecca’s older brother, is CEO of the company.

TSG, which has offices in New York and San Francisco, targets consumer products and consumer services companies. The PE firm typically invests from $20 million to $200 million in companies with EBITDA of $3 million to $50 million. Earlier this month, TSG invested in Alexis Bittar, a New York-based jewelry designer.