Ramez Toubassy, a Los Angeles–based executive who helped guide the retailer Wet Seal’s transition into a digitally focused fashion company, announced a new venture recently.

A co-founder, Toubassy will serve as chief executive officer of Spotlight Brands, a $500 million Los Angeles–headquartered brand-investment firm. In a Sept. 21 email to colleagues, Toubassy discussed the mission of Spotlight.

“We intend to create a unique brand holding company that will radically restructure legacy consumer businesses, deploying the expertise and capital necessary to ensure that the best days for these brands lay ahead of them,” he said.

Spotlight Brands will focus on investments and acquisitions in retail, apparel, food, beverage, beauty, fitness, fashion, media and entertainment. Spotlight will back 10 to 20 companies with checks of approximately $50 million to $100 million per deal, according to a Spotlight statement.

Spotlight will be backed by Strand Equity, an equity firm that works with consumer brands. Companies in Strand’s portfolio include Thom Browne New York and food brands Oatly, Van Leeuwen and Vita Coco. Entrepreneur Seth Rodsky is a founder of both Spotlight and Strand Equity. Rodsky also served as a founding partner to the Draper James brand, which produces fashion, accessories and home décor and is led by actor and entrepreneur Reese Witherspoon.