Marwit Investment Management LLC in Newport Beach sold Irvine-based Western apparel retailer Boot Barn Inc. to another private equity fund.

The transaction is the first sale by Marwit’s second fund—Marwit Capital Partners II. The $184 million fund typically invests in businesses with revenues of $20 million to $200 million, with a focus on investments in California and the West Coast.

The fund targets companies across a broad range of industries, including manufacturing, business services, consumer products and healthcare services.

The buyer is Los Angeles-based Freeman Spogli & Co., which focuses on retail services, distribution and consumer products companies. It has invested more than $2.8 billion in 45 portfolio companies since 1983.

Terms of the sale were not disclosed.

Boot Barn is a specialty retailer of Western and work apparel, with 85 stores in eight states, and about $160 million in annual revenue. It has about 850 employees.