New York (CNN Business) Victoria's Secret, the troubled lingerie brand owned by L Brands, is being sold to a private equity firm in a $525 million deal.

Sycamore Partners and L Brands will split control of the brand: The private equity firm is buying a 55% stake, while L Brands is taking control of the remaining 45%, but Victoria's will be spun off into a fully private company. The two companies announced the deal Thursday.

Leslie Wexner, the 82-year-old billionaire that has run L Brands for several decades, is leaving his position as CEO and chairman as part of the transaction. He will remain on L Brands' board as chairman emeritus.

In a press release, Wexner said that separating Victoria's Secret into a privately held company "provides the best path to restoring these businesses to their historic levels of profitability and growth." He praised Sycamore for its "deep experience" in the retail industry and said it will bring a "fresh perspective and greater focus to the business."

"We believe that, as a private company, Victoria's Secret will be better able to focus on longer-term results. We are pleased that, by retaining a significant ownership stake, our shareholders will have the ability to meaningfully participate in the upside potential of these iconic brands," Wexner said in the release.