Charlotte Russe going private in $380 million acquisition

Young women's apparel chain Charlotte Russe is going private, after it agreed to be acquired by private equity firm Advent International Corp. for about $380 million. Boston-based Advent will pay $17.50 per share for the mall-based chain, which has just over 500 stores in the U.S. and Puerto Rico. Charlotte Russe, based in San Diego, revealed this year that it would consider a sale. It had rejected an offer in November by KarpReilly Capital Partners and H.I.G. Capital to buy it for $9.50 a share. Charlotte Russe, which achieved sales of $823.3 million last fiscal year, replaced its management in November following a substantial expansion of the chain.