Monomoy Capital Partners LP, the New York-based private equity fund, bought Casual Living to integrate the women’s retailer into a developing platform.

The deal marks the first add-on buy for Monomoy’s Boston Apparel platform since the PE firm created the business in 2008 through the purchase of Chadwicks and metrostyle from Redcats USA. Terms of the deal were not disclosed.

Boston Apparel is build for more add-ons, and it is expected the PE firm will support its platform with additional deals, said Dan Collin, a Monomoy partner who spoke with MAJ.

“We have created a very cost efficient platform,” he said, adding that the PE firm will be “opportunistic,” and that it has already considered dozens of deals with companies with revenues of as much as $500 million.

Casual Living’s business operations will be integrated into Boston Apparel; the latter is based in Massachusetts, the former, in Florida. Casual Living will transition multiple departments into the Massachusetts operation. The company’s sales are nearly evenly split between its direct mail catalogs and its Web site.

Collin said the Massachusetts segment of Boston Apparel is already prepared to accept more companies being added to it.

Increasingly, private equity has taken on roll-up plays at a time when management is most essential. PE firm Riordan Lewis & Haden is planning a consumer durables roll-up and GTCR is working to roll up government services firms.

Private equity has only emerged recently as a buyer of clothing retailers, and even then, only for those who are financially distressed or bankrupt. Charlotte Russe Holding Inc., the listed, San Diego-based apparel and fashions maker, was sold to Advent International in a take-private valued at $380 million.

Talbots Inc. agreed to sell its J. Jill retail chain to San Francisco buyout firm Golden Gate Capital for $75 million in 2009; this year the clothing retailer agreed to a merger with special purpose acquisition company BPW Acquisition Co. that would have the SPAC recapping the ailing retailer.

Also, recently, Sun Capital Partners, a Boca Raton, Fla.-based private equity firm concentrating on distressed plays, acquired the Anchor Blue unit of bankrupt Anchor Blue Retail Group.

Financial services industry