Retail holding company Spencer Spirit has acquired large-scale fashion retailer Hot Topic for a reported $350 million.

The deal brings Hot Topic’s brands and its more than 3000-strong store network under Spencer Spirit’s portfolio. The owner of Spencer’s will form a combined entity, allowing Hot Topic to continue its operations independently.

“Joining forces creates an incredible platform of distinctive, established brands that share a passion for product, storytelling, and customer experience,” said Steven Silverstein, CEO of Spencer Spirit Holdings.

Hot Topic CEO Steve Vranes will remain in his post, reporting directly to Silverstein.

“This transaction enhances our long-term durability, broadens our reach, and positions us to write the next chapter of retail history together,” Silverstein added.

The new joint entity comprises six brands: Spirit Halloween, Spirit Christmas, Spencer’s, Hot Topic, Box Lunch, and Her Universe.

“This partnership marks an exciting milestone for our brands, team members, and customers,” said Vranes. “By joining a complementary portfolio while maintaining our operational independence, we can build on the tremendous growth our teams have delivered over the past decade and drive even more opportunities for expansion.”

Private equity firm Sycamore Partners, which acquired Hot Topic in 2013, called the deal an “outstanding outcome”.

“We’re proud of the value we’ve built together over more than a decade, and we’re confident Spencer Spirit Holdings is the right partner to carry this growth forward for the brands and their teams,” its MD, Dary Kopelioff, added,