Scoop: Golden Gate Exits Apogee, Sells to Savers Inc.

Private investors love a bargain right about now.

Family Dollar had to reject a $7 billion offer from Nelson Peltz to remain listed, but in the middle market, it appears a little easier to complete a deal.

Golden Gate Capital exited its four-year investment in Apogee Retail, the Minnesota-based retailer of secondhand goods, selling the company to Savers Inc., a Washington state bargain store, peHUB confirmed through multiple sources.

The sale was for more than $100 million, one source said, declining to provide specifics on deal multiples. Golden Gate, which bought into Apogee in 2007, is said to have turned a profit on the exit.

The deal also marks a little bit of good news for Golden Gate, which has seen some of its talent head for the exits, including longtime veterans John Gilligan and Stefan Kaluzny. Kaluzny, it was later reported, split to launch his own shop. This news came at around the same time Golden Gate’s Orchard Brands, a clothing retailer, filed for bankruptcy.

Golden Gate will continue to maintain a small stake in Apogee’s Northeast retail business, but other than that, Savers Inc. will absorb most of the company’s 30 locations in eight states. Of course, the San Francisco PE firm still has plenty of retail assets, including Express, Eddie Bauer, Zale Corp. and J Jill, to name a few. Last month, Golden Gate–after snatching up the company’s former CEO, Dan Artusi–agreed to buy Conexant Systems in a deal valued at around $300 million.