Leonard Green & Partners has agreed to buy the Lucky Brand Jeans division of fashion company Fifth & Pacific Companies Inc. The acquisition deal is valued at USD225 million, according to Value Walk.

Fifth & Pacific Companies Inc was formerly known as Liz Clairborne Inc. The company held 239 Lucky Brand outlets as of the end of September. For this year until Setptember, Lucky Brand posted salesf USD346.4 million and USD14.3 million earning before interest, taxes, depreciation and amortizaton (EBITDA). For the first three quarters, the brand made up 29% of Fifth & Pacific's sales. Its Kate Spade brand accounted for 41% of the sales, the report detailed.

William McComb joined Fifth & Pacific as its Chief Executive Officer (CEO) in 2006. One of McComb's missions was to divest assets and increase the company's focus on flagship brands. Within his seven-year tenure, he has reduced the firm's portfolio from more than 30 brands to just two. At present, only Kate Spade and its jewelry-focused brand Adelington Design Group remain, the report said.

According to Wall Street, McComb's efforts to improve the firm have paid off as its equity price has doubled over the last 12 months, Value Walk reported.