P180, a venture focusing on the luxury apparel sector, has acquired a majority stake in Vince Holding Corp from affiliates of Sun Capital Partners.

P180 was co-founded by Caastle CEO Christine Hunsicker and former Wolverine Worldwide CEO Brendan Hoffman. The company aims to drive brand and retailer profitability by providing operational expertise and access to its industry resources.

As part of the acquisition, Hoffman will become the new CEO of Vince, effective early next month. David Stefko will step down as interim CEO but continue to serve on the Vince board. 

Hoffman was previously CEO of Vince for five years from October 2015 to September 2020.

“I am excited to lead the team again as we continue to unlock new growth opportunities, drive innovation, enhance the brand’s market position, and focus on monetizing the company’s inventory to ensure continued long-term success,” he said.

Following the deal, P180 will own approximately 65 per cent of Vince’s outstanding common stock, while affiliates of Sun Capital continue to hold approximately 2 per cent.

Simultaneously with the acquisition, Vince’s subsidiary V Opco amended its existing credit agreement with the Bank of America. This allows the company to pay down its subordinated debt (Sun Debt Facility) with SK Financial Services, an affiliate of Sun Capital, by $20 million.

P180 also acquired and assumed $7 million of the loans outstanding pursuant to the Sun Debt Facility and immediately thereafter cancelled such $7 million.

Last October, P180 invested in global fashion brand Altuzarra, marking its first investment in a mono-brand.