Jean company Paige Denim hires UBS for sale

Culver City, California-based jeans company Paige Denim has hired investment bank UBS for a sale that could value the company at more than $400 million, sources familiar with the situation said.

UBS and private equity firm TSG Consumer Partners, who invested in Paige in 2012, declined to comment. Paige Jeans declined to comment.

Paige Jeans is named for its founder, Paige Adams-Geller. The brand first launched in 2005 and sells through its own stores, as well as high-end retailers such as Bergdorf Goodman and Intermix. In addition to jeans, the company also sells sweaters, tanks and jackets.

Premium-priced jeans have become more popular among consumers in recent years, which has in turn spurred investments from companies and private equity firms. Last year, NYDJ Apparel LLC sold itself to Crestview Partners and Maybrook Capital Partners for an undisclosed price. In 2013, private equity firm TowerBrook Capital Partners purchased True Religion Apparel for about $824 million.

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The larger denim industry has meanwhile faced headwinds, as athletic clothes that can be worn outside the gym from companies including Lulemon Athletica Inc have taken off. Jean giant Levi Strauss & Co has acknowledged the competition and released its own version of stretchy jeans.