Charlotte Russe acquired by private equity firm

Charlotte Russe Holding Inc., parent of the San Diego-based young women’s clothing retailer, announced Monday that it is being acquired by a private equity firm for $380 million.

Advent International Corp. will pay $17.50 per share for Charlotte Russe’s stock, in a cash deal that will take the company private.

The Charlotte Russe board unanimously approved the agreement, which is expected to be completed by Aug. 31.

“After careful consideration of a full range of strategic alternatives, including an extensive, publicly announced sale process, we are pleased to have reached this agreement with Advent, which creates substantial value for our stockholders,’’ said Jennifer Salopek, who chairs the board.

Charlotte Russe was founded in 1975 and operates 501 stores in 45 states and Puerto Rico. The retailer had $823 million in sales in the last fiscal year.