Retail Acquisitions in 2019

Blackford Capital, a private equity firm based in Grand Rapids, Michigan, completed an investment to acquire the U.S. brand licensing rights for Cartridge World, a franchised network of printer consumables retailers headquartered in McHenry, Illinois. The U.S. business operates nearly 230 franchised retail store locations; Blackford intends to strengthen supply chain and distribution relationships and support franchisee growth through operational and strategic initiatives.

TZP Group has acquired Christy Sports, a leading specialty snow-sports and outdoor retail and services operator, from Norwest Equity Partners. The transaction closed in late 2019 (announced Dec 2019); financial terms were not disclosed. Christy Sports operates more than 60 stores across the Western United States and offers retail, e-commerce and ski/snowboard rental and service capabilities.

CBD Emporium, a Phoenix-based national CBD retailer, has acquired CBD Exclusively in an asset purchase that adds four Arizona retail locations and commercial real estate near the Las Vegas Premium Outlets South in Henderson, Nevada. The deal expands CBD Emporium's footprint to 22 locations across multiple states and strengthens its position in the CBD retail market.

An affiliate of WH Smith PLC has agreed to acquire The Marshall Retail Group (MRG) from Brentwood Associates. MRG, a leading U.S. travel and resort specialty retailer operating more than 170 locations and ~1,200 employees, will continue to be led by CEO Michael Wilkins; the transaction is expected to close by Q1 2020 subject to customary conditions.

JackRabbit, an omnichannel specialty athletic retailer owned by CriticalPoint Capital, acquired certain assets and liabilities of Olympia Sports — including its online presence and the "Olympia Sports" brand. The deal is an add-on to JackRabbit’s business that expands its brick-and-mortar footprint and e-commerce capabilities in the U.S. Northeast; the consolidated company will operate roughly 135 stores following the transaction.

Made in Italy Fund, a private equity fund promoted by Quadrivio and Pambianco, has signed an agreement to acquire a majority stake in MOHD (Mollura Home Design), an Italian leader in high-end furniture design and distribution headquartered in Messina. MOHD operates three physical stores and a prominent online platform and provides interior design and contracting services to both private and contract clients; the investment is intended to support the company’s multi-channel growth and international expansion.

JPB Partners has acquired The Helpful Hardware Company, an Ace Hardware franchisee operating eight stores across the Southeast, with subordinated debt and equity provided by Tecum Capital Partners to support the transaction. Darin Workman will remain CEO and retain a minority stake; financial terms were not disclosed and the former owner was The Capstan Fund.

New York-based private equity firm BRS & Co. and Greenwich, Connecticut-based Rosser Capital Partners acquired 2nd Ave LLC and its affiliates, a contemporary thrift store operator with 10 locations across the Mid‑Atlantic and Northeast. The business operates under the 2nd Ave Value Store and Village Thrift Store brands and includes affiliate GreenDrop, a national licensed charitable fundraiser; Golub Capital provided financing and Cascadia Capital served as financial advisor.

LCH Partners, the consumer technology platform of L Catterton, made a significant Series C growth investment in Enjoy Inc. The capital will be used to accelerate product innovation and support Enjoy's international expansion, including a planned expansion across the UK and additional countries.

Oakley Capital has agreed to acquire a majority stake in Seven Miles GmbH, a German consumer-technology business operating multi-brand gift voucher platforms including Wunschgutschein and WishCard. Oakley will partner with founders Tom Schröder and Valentin Schütt to accelerate the company’s digital platform, product innovation and DACH growth; Seven Miles connects over 500 brands and 60,000 points of sale and reported gift solution sales in excess of €100m in 2019.

Investment funds managed by Morgan Stanley Capital Partners completed a majority investment in Impact Fitness, a Planet Fitness franchisee operating 29 clubs across the United States and Canada. MSCP partnered with Impact's management team led by CEO Adam Willaeys, acquiring the company from Bain Capital Double Impact and Bridges Fund Management to support further growth and expansion of the franchise footprint.

OneWater Marine Holdings has acquired Caribee Boat Sales and Marina in Islamorada, Florida. The 72-year-old dealership and marina will continue operating under the Caribee name, with existing personnel expected to remain as the business becomes part of OneWater’s growing portfolio of dealerships and marinas.

EQT Mid Market has agreed to sell Avenso GmbH to LUMAS Art Editions GmbH, a company controlled by Avenso co-founder Marc Ullrich. At the same time Avenso will divest its WhiteWall business to CEWE Stiftung & Co. KGaA; financial terms were not disclosed and the transactions are subject to customary approvals.

H.I.G. WhiteHorse, the credit affiliate of private equity firm H.I.G. Capital, has provided a growth capital financing to Risparmio Casa, a leading Italian drugstore chain founded by the Battistelli family. The financing will support Risparmio Casa's next stage of growth and help the company consolidate its leading position in the Italian drugstore/discount retail market.

OneWater Marine Holdings, an Atlanta-based public marine dealership consolidator, has acquired Ocean Blue Yacht Sales of Stuart, Florida. The Ocean Blue locations in Stuart, West Palm Beach and Fort Lauderdale will continue operating under the Ocean Blue Yachts name and all existing personnel are expected to remain; deal terms were not disclosed.

Enesco, a portfolio company of Balmoral Funds, has completed its acquisition of Things Remembered, the omnichannel personalized gifts retailer. The deal preserves approximately 1,400 jobs and 176 stores; Enesco said the acquisition expands its personalization capabilities and broadens its product offering across online, direct mail, B2B and retail channels.

Christy Sports LLC acquired Leisure Living, Inc., a Salt Lake City–based specialty outdoor furniture retailer, in a deal that closed on March 11, 2019. The acquisition expands Christy Sports’ summer/outdoor furniture business and strengthens its commercial presence in Utah; financial terms were not disclosed.

Levine Leichtman Capital Partners (LLCP) partnered with Club Champion management to acquire Club Champion, a leading U.S. provider of custom golf club fitting services and retail golf equipment. Headquartered in Willowbrook, Illinois, Club Champion operated 47 stores across 25 states at the time of the transaction and will pursue continued store expansion under LLCP's ownership.

H.I.G. Growth Partners led a $30 million growth financing round in Cuyana, the San Francisco–based direct-to-consumer women's luxury lifestyle brand. The capital will be used to accelerate product and category innovation and expand Cuyana’s physical retail footprint; d.Luxury Brands worked with H.I.G. on the transaction.

GrowGeneration Corp. purchased all assets of Chlorophyll, Inc., a large hydroponic retail and warehouse operation in Denver, Colorado, adding the store as its sixth Colorado location. The acquisition adds roughly $8 million of revenue and retains founders Beau Speicher and Lee McCall in sales and business development roles.

First Capital Partners completed a mezzanine and equity investment in Adolph Kiefer & Associates (now operating as Kiefer Aquatics) to support the company's acquisition and merger with The Lifeguard Store. The combined business will operate as Kiefer Aquatics, consolidate operations in Bloomington, Illinois, and continue serving lifeguards, competitive swimmers and aquatics facilities through multiple retail and distribution brands.