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Gymboree to Sell Play & Music Unit to Zeavion for $127.5 Million

  • Proceeds of deal will be used to reinvest in core business
  • Bain Capital bought kids’ retailer for $1.8 billion in 2010

Gymboree Corp., the children’s retailer, has agreed to sell its play-center business to a Singapore-based investment group.

Zeavion Holding, a closely held group that invests in education and entertainment businesses, will pay $127.5 million for Gymboree’s Play & Music unit, the company said in a statement. The apparel and clothing unit, which makes up the majority of the business, is not part of the deal.