Founders of Gap buy equestrian fashion brand Ariat

High-end riding-gear maker Ariat International will be sold to its management and the Fisher family, the founders of Gap Inc, as the equestrian fashion brand has revealed. The sale was led by private equity firms LNK Partners and Brentwood

Associates.

Ariat International, a high-end riding gear maker found in 1990, whose apparel has been worn by the likes of socialite Paris Hilton and the daughter of New York Mayor Michael Bloomberg, is being sold to its management and the Fisher family, the founders of Gap Inc., a source said on Wednesday.

Although terms of the sale were not disclosed, sources close to the deal had said the company was likely valued at $350 million to $400 million, Reuters said in an exclusive report of the sale on Wednesday.

LNK and Brentwood invested in Ariat in 2006. At the time, LNK said it had invested $61 million to acquire a significant minority stake in the apparel company.

Los Angeles-based Brentwood targets invested in middle-market, consumer-related businesses and manages more than $650 million. Their current stakes could not be learned.

Peter J. Solomon advised the company on the sale. According to Reuters, both Brentwood Associates LNK Partners and Peter J. Solomon declined to comment.