Private equity firm Leonard Green & Partners LP is buying Lucky Brand Jeans from Fifth & Pacific Cos. Inc. (NYSE: FNP) for $225 million.

Los Angeles-based Lucky Brand, known for its denim products, makes men’s, women’s and children’s clothing, accessories and shoes.

The deal leaves Fifth & Pacific with just one brand – Kate Spade. The company sold Juicy Couture to Authentic Brands Group in October. “We believe that by focusing all of our resources on the huge opportunity at Kate Spade, we can deliver the strongest value creation opportunity for our shareholders. This is all about bringing Kate Spade to its full potential,” says William McComb, CEO of Fifth & Pacific.

The purchase price works out to $140 million in cash to be paid at closing and an $85 million three-year seller note. The note accrues cash interest of $8 million per year. The note will be secured by a first priority lien on the Lucky Brand trademark and a second priority lien on Lucky Brand’s other assets. The purchase price represents a multiple of seven times the brand’s latest 12 months pro forma adjusted standalone Ebitda, Fifth & Pacific says in a statement.

Leonard Green has raised more than $15 billion in private equity capital since the firm was started in 1989. The firm has invested in several retailers and brands. In December 2012, Leonard Green bought a stake in the Topshop retail chain, and in October 2012 the firm sold the majority of David’s Bridal Inc. for $1.05 billion to Clayton Dubilier & Rice. The firm is also invested in J.Crew Group Inc., Neiman Marcus Group Inc. and Whole Foods Market Inc. (Nasdaq: WFM).

In November, Leonard Green agreed to sell landscaping company Brickman Group Ltd.to Kohlberg Kravis Roberts & Co. (NYSE: KKR) for about $1.6 billion. In June, the firm agreed to buy United States Infrastructure Corp., a provider of underground cable and other utility-protection services. 

Centerview Partners and Perella Weinberg Partners advised Fifth & Pacific on the deal. Paul Weiss Rifkind Wharton & Garrison LLP was the seller’s legal adviser. Latham & Watkins LLP provided legal advice to Leonard Green.

The deal follows two other major denim transactions this year: Joe's Jeans Inc.'s (Nasdaq: JOEZ) deal for Hudson Clothing Holdings Inc.in July; and TowerBrook Capital Partners LP's deal for True Religion Apparel Inc.

For more on the retail industry, see “Boutique Appeal.” 

For more on Fifth & Pacific, see “The Buyside: Diversifying the Boardroom” and “Be Bold, Advises Kay Koplovitz.”