London-based private equity firm OpCapita has inked an agreement to buy a majority stake in U.S. women's clothing retail chain company Maurices Inc.

OpCapita will acquire the stake from women's clothing retailer Ascena Retail Group, which will become a minority owner and provide brand support services.

The company expects to buy Maurices, which in 2018 earned more than $1 billion in revenue, for around $200 million in cash, which Ascena intends to use to pay down its existing credit.

OpCapita's team brings extensive operating, retail, and financial capabilities and can provide substantial insights and day-to-day assistance that will help Maurices create enhanced value.