Private Equity-Backed Retail Acquisitions

Los Angeles-based private equity firm Skyline Investors has acquired Buddy's Home Furnishings, the third-largest rent-to-own franchisor in the U.S., which operates more than 220 locations across 18 states and Guam. The deal was structured alongside Standard Communities principals Jeffrey Jaeger and Scott Alter to provide flexible capital and operational support to strengthen franchise health, drive growth, and invest in long-term value creation.

Graycliff Partners LP completed a subordinated debt investment and minority equity investment in Palmetto Moon, LLC, a Charleston-based specialty retailer operating 51 stores across the Southeastern United States. Proceeds will fund a distribution to shareholders and general corporate purposes; Palmetto Moon remains a portfolio company of Topspin Consumer Partners.

Authentic Brands Group has completed a transaction to take GUESS? private, acquiring 51% of substantially all GUESS? intellectual property while existing GUESS? shareholders (the Marciano family and others) retain 49% of the IP. Current GUESS? management will own and operate the operating company and continue to run the business, with the deal intended to accelerate brand growth, category and geographic expansion through Authentic's platform.

GALLS, the national distributor of uniforms and equipment for public safety professionals, has acquired DesignLab, Inc., a regional supplier of public safety uniforms and gear. The acquisition adds six retail locations across South Carolina and Florida, strengthening GALLS' footprint in the Southeast and consolidating market share in those states.

GALLS, a leading distributor of uniforms and equipment for public safety professionals, has acquired Action Uniform Co., a regional distributor headquartered in Pleasantville, New Jersey. The deal expands GALLS' New Jersey footprint by adding four retail locations and a distribution center, retaining Action Uniform's ~40 employees and strengthening rapid deployment and service capabilities for law enforcement, fire, EMS and other public-safety customers.

Oakley Capital Fund VI has made an investment in Low Tides Holdings LLC, a partnership entity formed with luxury apparel and lifestyle brand James Perse. The capital will support James Perse's global expansion and marketing initiatives while backing its retail and direct-to-consumer growth.

Atlas Holdings has completed an all-cash acquisition of The ODP Corporation (ODP) for approximately $1 billion, taking the company private. Atlas named Craig Gunckel as CEO to lead ODP’s ~16,000 employees and said the move will allow ODP to refocus on its retail (Office Depot/OfficeMax) and B2B distribution businesses as a private, more agile company.

Franchise Equity Partners (FEP) has acquired IMO Car Wash, the world’s largest tunnel car-wash operator with ~720 locations, from Driven Brands for approximately €411 million. The deal transfers IMO (headquartered in High Wycombe, United Kingdom) to FEP as Driven Brands simplifies its portfolio and will use proceeds primarily to pay down debt; FEP said it will focus on growing volumes, improving customer experience and expanding the brand across the UK, Europe and Australia.

Brazilian retail tech company Inwave has acquired Swedish Gateway, a provider of electronic article surveillance (EAS) solutions, to accelerate its expansion into Europe and integrate Gateway's technology with Inwave's AIoT Darwin platform. The deal preserves Gateway's local Swedish team and includes participation from Danish fund DSG to support the group's international growth.

Private equity firm Ames Watson has completed a $140 million acquisition of Claire’s North American business operations and intellectual property following the retailer’s Chapter 11 filing. The deal preserves a majority of Claire’s mall stores (at least 795, potentially up to 950) and thousands of jobs as Ames Watson aims to revitalize the brand through refreshed merchandising, elevated piercing services, and new store concepts.

Omegro, a portfolio within Volaris (Constellation Software), has acquired ClarityRFID (formerly SML IIS), a provider of item-level RFID inventory solutions and services for the retail sector. ClarityRFID will continue to operate independently under Omegro leadership, with the deal intended to expand Omegro's retail capabilities and support ClarityRFID's international growth and customer relationships.

Gabe's, a Morgantown-based off-price retailer, closed a recapitalization where existing term lenders converted over 75% of outstanding term loans into equity and a group of existing investors (led by Brigade Capital Management, Arbour Lane Capital Management and Anchorage Capital) assumed majority ownership. The transaction provides new capital, reduces debt, and is supported by continued ABL financing from Second Avenue Capital Partners and Ares Credit funds while Gabe’s finalizes vendor and landlord agreements to strengthen its store portfolio and operations.

Denver-based bootseller Freebird was sold out of receivership to Yasser Elshair of Arizona’s Elshair Cos. Judge Jill Dorancy approved the $500,000 sale after a court-appointed receiver closed most stores; Elshair plans to reopen select Freebird retail locations and revive the e-commerce business. The company had been run by receiver Ampleo amid heavy debts and a planned liquidation.

Work World, a Gart Capital Partners portfolio company, has acquired Shoeteria, a Southern California specialty workwear retailer, expanding its retail and B2B footprint in the region. The company also named Shawn Sweeney as CEO to lead omnichannel growth across retail, eCommerce and industrial accounts.

Brentwood Associates closed an oversubscribed $410 million single-asset continuation fund to support the growth of Watermill Express. The continuation fund is primarily backed by **Hollyport Capital**, with **Pantheon** and **Portfolio Advisors** co-leading; Brentwood remains invested and is also investing through its Fund VII to support Watermill's next phase of expansion.

TriWest Capital Partners completed a majority equity investment in Spence Diamonds, partnering with the company's existing management to support growth and operational initiatives. Spence Diamonds is a Vancouver-based, vertically integrated bridal jewelry retailer operating eight Canadian showrooms and offering made-to-order engagement rings with both mined and Artisan Created (lab-grown) diamonds.

Secret Sales, a Perwyn-backed international off-price fashion marketplace, has acquired Dutch retail brand V&D (Vroom & Dreesmann) and online fashion platform To Be Dressed as part of its European expansion. The acquisitions will relaunch V&D as a digital-first offering leveraging Secret Sales' technology, inventory access and marketplace scale to deepen its presence in the Benelux market.

Dallas-based independent sponsor Cascata Capital acquired Ladco, Inc. (Ladco Design Center), the largest luxury to-the-trade home furnishings showroom in Houston, Texas. The transaction provides an ownership transition for co-founders Phillip and Ronnie Ladin (both in their mid-70s) and is expected to support growth through Cascata’s strategic investor network of luxury real estate developers and builders.

Jadwa Investment, via its Jadwa GCC Diversified Private Equity Fund, has acquired a majority stake in Saudi beauty and personal care retailer Makhazen Alenaya. Founded in 2019 with 15 branches across Saudi Arabia, Makhazen will leverage Jadwa's capital and expertise to expand its footprint, strengthen operations and governance, and pursue a potential listing on the Saudi Exchange.

GALLS, a national supplier of public safety uniforms and equipment, acquired Pittsburgh Public Safety Supply, Inc., a regional provider serving the greater Pittsburgh area. The acquisition expands GALLS' retail and distribution footprint in western Pennsylvania and aims to provide enhanced product availability and operational continuity to local public safety agencies.

Nakani Capital Partners, a Toronto-based private investment firm, has acquired Bingo Pro, Inc. and Berri Books, Inc., two Sudbury, Ontario-based distributors of professional bingo equipment and discounted paperback books. The acquisition, which closed on June 13, 2025, is intended to support ownership transition and preserve the businesses’ legacies while Nakani scales and grows the niche distribution operations.

TPG NewQuest and A91 Partners have acquired Investcorp's entire stake in Citykart, a rapidly growing value-fashion retailer focused on Tier-2 and Tier-3 Indian towns. Citykart has expanded its store base from 37 to 137 stores and is projected to generate approximately INR 8.8 billion (about US$102 million) revenue for FY2025 as the new owners aim to accelerate the company's next phase of growth.

Kingswood Capital Management and Performance Investment Partners have completed the acquisition of The Vitamin Shoppe from Franchise Group, Inc. The deal returns Sharon Leite as CEO and positions the company for growth through brand-building, enhanced e-commerce and digital marketing capabilities, and private-brand innovation across its omnichannel retail footprint.

Funds affiliated with AEA Investors' Small Business Private Equity strategy acquired a majority stake in Splash Car Wash from Palladin Consumer Retail Partners. Splash, a Milford, Connecticut–based car wash operator with more than 65 locations across the Northeast, will be led by newly appointed CEO Dan Petrelle as it pursues accelerated growth through strategic acquisitions and new site openings; terms were not disclosed.

Sports Endeavors, the parent company of Soccer.com and WorldSoccerShop (and a portfolio company of Seawall Capital), has acquired Soccer Master, a St. Louis–area soccer specialty retailer with six stores and online operations. The acquisition will keep Soccer Master retail locations operating under their name while transitioning Soccer Master’s online businesses to Soccer.com to expand Soccer.com’s fulfillment and Midwest presence.

Blue Point Capital Partners, together with its portfolio company Local Crafts Group, has acquired Jimmy Beans Wool, a Reno-based retailer and distributor of yarn, knitting patterns, tools and accessories. The deal brings Jimmy Beans' boutique yarn lines and acquired brands into Local Crafts' platform, strengthening distribution, manufacturing capabilities and support for independent yarn stores across the U.S. and Canada.

Leonard Green & Partners has agreed to acquire a majority interest in Crunch Holdings, LLC (Crunch Fitness) from TPG Growth and Crunch's minority shareholders. The investment will support Crunch's continued domestic and international expansion of its franchise and corporate gym footprint—Crunch operates over 500 gyms and serves more than three million members worldwide.

S5 Equity, a Southern California private investment firm, has acquired Howard's Appliances, a nearly 80-year-old Southern California retailer of appliances and mattresses. The firm said it will work with Howard's management to enhance operations, expand offerings and drive growth; financial terms were not disclosed.

Bain Capital has signed a definitive agreement to acquire York Holdings' headquarters and subsidiary management functions along with its supermarket and specialty store businesses (SST Business Group) from Seven & i Holdings. The SST group includes chains such as Ito-Yokado, York-Benimaru, Loft, Akachan Honpo, and Seven & i Food Systems (which operates Denny's). Bain said it will support operational growth, leverage its real estate expertise to enhance group-operated facilities, and may pursue an IPO of the business in the coming years.

Soccer Post management, led by CEO Blake Sonnek-Schmelz, acquired a majority stake in Soccer Post from TZP Group with financial backing from York Private Equity and unnamed soccer-specific strategic investors. The deal gives management control while York Private Equity will support the Company's continued growth across its 60+ U.S. store footprint and e-commerce channel; financial terms were not disclosed.

P180, a venture co-founded by Christine Hunsicker and Brendan Hoffman, acquired a majority (approximately 65%) stake in Vince Holding Corp. from affiliates of Sun Capital Partners. The transaction includes debt-restructuring actions (a $15M ABL-funded paydown and P180 assumption/forgiveness of $7M of subordinated loans), and Brendan Hoffman is expected to become CEO as P180 deploys digital and inventory-monetization capabilities to improve profitability.

ACON Investments, with strategic partner SB360 Capital Partners, acquired a controlling stake in True Religion, the iconic denim and lifestyle apparel brand. The transaction (financial terms undisclosed) will keep True Religion headquartered in Gardena, California and is supported by financing from Second Avenue Capital Partners, Alpha Wave Global and Sagard Credit Partners to accelerate digital and retail capabilities and international growth.

Big Lots, Inc. closed a sale agreement enabling Gordon Brothers Retail Partners to facilitate the transfer of between 200 and 400 Big Lots stores to Variety Wholesalers, with Variety acquiring 219 store locations out of bankruptcy. The transaction preserves jobs, maintains the Big Lots brand at many locations, and expands Variety Wholesalers' discount retail footprint across multiple eastern U.S. states.

Alibaba Group agreed to sell its majority stake in Sun Art Retail Group to private equity firm DCP Capital for about HK$12.3 billion (roughly $1.6 billion). The sale is a strategic divestiture as Alibaba refocuses on its core online and AI-driven businesses; Sun Art operates large hypermarkets (RT‑Mart) and grocery distribution in Greater China.

Canadian Shield Capital, together with Midland's management team, has acquired Midland Appliance Ltd. from Ironbridge Equity Partners. Ironbridge supported Midland's growth during its hold period, including expansion of the sales force and two new BC locations; the transaction completes an ownership transition intended to support the company's next growth phase.

TDR Capital has acquired Zuber Issa's shares in Asda and become the majority shareholder with 67.5% ownership, while Mohsin Issa and Walmart remain co-shareholders. TDR said it will continue to work with Asda management to drive long-term growth, focusing on low prices, expanding convenience retail and investing in stores and online.

Platte River Equity–backed Municipal Emergency Services, Inc. (MES) has acquired Frontline Outfitters, marking MES’s first international expansion into Canada. The add-on strengthens MES’s distribution network and capabilities in public-safety uniforms and outerwear for law enforcement, fire, EMS and corrections across Canada.

Go Global Retail has completed the acquisition of HATCH Collection through its Janie and Jack Holdings, Inc. platform. The deal brings the premium maternity brand HATCH into the Janie and Jack family to expand the group's reach into early parenthood and accelerate omnichannel growth, financed in part by a senior secured credit facility from MidCap Financial.

F9 Investments, the private equity firm controlled by LL Flooring founder Tom Sullivan, completed a going-concern purchase of LL Flooring’s assets, acquiring 219 stores, inventory, the Sandston, Virginia distribution center, intellectual property and other assets. The transaction—completed through the court-supervised Chapter 11 process—preserves the business and keeps the acquired stores open while remaining locations continue closing sales.

Alliance Mobile Inc., a portfolio company of Centre Partners Management, acquired 33 Master Wireless retail stores located in Michigan and Wisconsin. Greenwich Capital Group advised Master Wireless on the sale — the deal expands Alliance Mobile's AT&T-authorized retail footprint in the Midwest.

Brightmore Brands, a portfolio company of Beach Point Capital Management, has acquired Texas Thrift, a portfolio of 17 thrift stores, from Brook Valley Management. The add-on expands Brightmore's footprint into Texas and makes the combined company the largest privately held, for-profit thrift chain in North America.

Lifestyle Fund II, the private equity vehicle promoted and managed by Quadrivio & Pambianco, has acquired a majority stake in French womenswear brand Sessùn. The fund bought the minority stake held by Experienced Capital while founder Emma François-Grasset retains a minority stake and remains CEO; the investment will support international expansion, store growth and e-commerce development to double revenue.

CSC Generation Enterprise acquired Backcountry and its family of brands (MotoSport, Competitive Cyclist, Steep & Cheap), adding the specialty outdoor retailer to CSC’s multi-brand, digital-first platform. The deal is supported by a $112.0 million senior secured credit facility provided by Second Avenue Capital Partners, SB360 Capital Partners, and Ares Commercial Finance to refinance prior debt and support the acquisition.

S5 Equity has acquired Heartland America — the owner/operator of the long-running catalog retailer Hammacher Schlemmer — with financing support from Gordon Brothers, which provided a revolving credit facility to back the deal. S5 plans to strengthen customer experience and loyalty while continuing to shift the legacy catalog business toward e-commerce.

Waterland, a pan‑European private equity investor, has taken a majority share in X²O, the Ghent‑based omni‑channel retailer of bathroom equipment and furniture. Vendis Capital and founder Jan Ollevier retain significant minority stakes; the investment will support X²O's continued international expansion across the Benelux and into Germany.

S&S Activewear, backed by private equity firm Clayton, Dubilier & Rice (CD&R), has agreed to acquire alphabroder from Littlejohn & Co. The acquisition brings together two major North American apparel distributors to expand product offerings, distribution scale and digital capabilities; terms were not disclosed and the deal is expected to close later in the year.

Hilco Consumer-Retail (HCR) completed the acquisition of the operations for Hanes Outlet and Maidenform stores on July 27, 2024. HCR will operate the stores using its RevUp Virtual Store Management program, aims to retain store teams, and will work with landlords to maximize the go-forward store footprint. The transaction represents Hanesbrands' divestiture of its brick-and-mortar store operations to a retail asset and operations specialist.

Baaj Capital has acquired the UK trade and assets of Amscan International and its associated brands Christy's by Design and Ginger Ray from the Wonder Group following administration. AURELIUS Finance Company provided a bespoke, fully revolving senior debt facility to support the acquisition and ongoing working capital, with the deal preserving more than 100 jobs in the process.

St. Cloud Capital, a Los Angeles-based private investment firm, made a growth capital investment in Blufox Mobile, LLC to refinance existing debt and support Blufox's expansion. Blufox Mobile, an authorized retailer of Comcast Xfinity products operating over 100 locations across the eastern United States, will use the flexible capital to open new locations and expand service offerings.

Hudson's Bay Company (HBC) — through its newly created Saks Global business — has agreed to acquire Neiman Marcus Group (NMG) to form a multi-brand luxury retail and real estate platform. The combined company will pair iconic retail brands (Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH) with technology, first-party data and strategic investors (including Amazon, Rhône Capital, Insight Partners and Salesforce) to drive personalized omnichannel experiences and unlock real estate value.