Retail Acquisitions in 2021

Gold Flora, a vertically-integrated California cannabis operator based in Costa Mesa, has acquired Airfield Supply Company, a leading San Jose dispensary with on-site cultivation, manufacturing and delivery licenses. The deal closed December 31, 2021; Airfield founder and CEO Marc Matulich will remain in his role and the Airfield brand, management, and staff will be retained as Gold Flora expands its retail and cultivation footprint in California.

The Container Store (NYSE: TCS) acquired Chicago-based custom home storage and closet manufacturer Closet Works for $21.5 million, a deal that closed December 30, 2021. The acquisition expands The Container Store's wood-based manufacturing capabilities and premium product offering, giving the retailer in-house production, greater quality control and opportunities to increase margins and customization options.

Express Wash Concepts (EWC) acquired three Bee Clean Express Car Wash locations in Zanesville and Cambridge, Ohio (one location is currently under construction). The deal expands EWC's footprint to 57 operating locations and adds the Bee Clean brand to its portfolio as an add-on to its PE-backed platform.

Nolan Capital acquired a majority stake in Coastal Farm & Ranch, the Pacific Northwest farm-and-home retailer headquartered in Albany, Oregon. Longtime owner Buzz Wheeler retains an ownership stake and the existing management team remains in place as Nolan Capital and participating investors (Del Mar Ventures and Ted Nark) plan to support growth and scale the business across the Western U.S.

Curaleaf Holdings, Inc. entered into a definitive agreement to acquire Natural Remedy Patient Center, a dispensary in Safford, Arizona, in a cash-and-stock transaction valued at approximately US$13 million. The deal (US$12M cash and US$1M in Curaleaf subordinate voting shares) is expected to close in January 2022 and expands Curaleaf's Arizona retail footprint while enabling a planned relocation to a flagship Scottsdale site.

PAI Partners, via its PAI Mid-Market Fund, has signed an agreement to acquire a majority stake in Uvesco from the company’s current shareholders. The investment will support Uvesco’s organic store rollout and M&A-driven expansion across Northern Spain and Madrid while keeping the company headquartered in Guipúzcoa.

Ascend Wellness Holdings, Inc. completed the acquisition of Ohio Cannabis Clinic, LLC (d/b/a Ohio Cannabis Company) and its licensed medical cannabis dispensary in Coshocton, Ohio. The deal expands AWH's Ohio retail footprint (its second dispensary in the state) as the company plans to migrate acquired brands to the Ascend banner and continue growing in the state.

Graycliff Partners LP provided a unitranche debt facility and a minority equity investment in Talk More Wireless to fund growth and support add-on store acquisitions. Talk More Wireless, led by Jimmy Ralph and headquartered in St. Petersburg, Florida, operates 100+ Metro by T-Mobile retail stores across multiple states and will use the capital to accelerate expansion.

Marcone, a portfolio company of Genstar Capital, acquired Professional Plumbing Group (PPG) from Dunes Point Capital. The acquisition expands Marcone’s parts and distribution footprint into the plumbing repair and remodel market, adding PPG’s proprietary brands (Wolverine Brass and Speakman), ~20,000 SKUs and ~10,000 customers to Marcone’s platform.

Majors Management, LLC acquired the assets of Tri-State Petroleum Corporation, including 25 company-operated convenience stores and eight wholesale dealer accounts in the tri-state region of western Pennsylvania, northern West Virginia and eastern Ohio. The acquisition expands Majors' geographic footprint into Pennsylvania and West Virginia while bolstering its presence in Ohio.

NewSpring’s franchise-focused strategy, NewSpring Franchise, made a growth equity investment in Central Bark to accelerate the dog daycare brand’s franchise expansion and strengthen its infrastructure. Central Bark’s founders will remain involved in operations as the company uses proceeds to fuel geographic expansion, franchise development, and investments in technology and operations.

Shoe Carnival, Inc. acquired substantially all of the assets of family‑owned Shoe Station, Inc. for $67 million in a cash‑funded transaction. The deal adds 21 Southeastern retail locations and e‑commerce capabilities, is expected to be immediately accretive to diluted EPS in fiscal 2022, and contributes approximately $100 million in incremental net sales.

Montreal-based New Look Vision Group, backed by FFL Partners and Caisse de dépôt et placement du Québec, has agreed to acquire New York–based Luxury Optical Holdings (LOH), the largest luxury optical retailer in the United States. The deal (terms not disclosed) expands New Look’s premium retail footprint in the U.S. and adds LOH’s wholesale and small-batch eyewear manufacturing capabilities to its platform.

Wax Center Partners (WCP), a European Wax Center platform backed by MKH Capital Partners, acquired four European Wax Center locations in the Las Vegas area (Centennial Hills, Henderson, Rainbow and Summerlin). The transaction expands WCP’s footprint into Nevada and adds to the platform’s multi-state roll-up of EWC franchise centers as it continues pursuing new development and acquisition opportunities.

Tesco Ireland has agreed to acquire ten Joyce's Supermarkets retail stores in County Galway, subject to approval by the Competition and Consumer Protection Commission (CCPC). The Joyce family will sell the stores while retaining other business interests; the stores will be rebranded as Tesco and Joyce's employees will be transitioned to Tesco Ireland roles.

RV Retailer, LLC (RVR) announced it will acquire Pharr RVs (Lubbock, Texas) and Affinity RV (Prescott / Prescott Valley, Arizona), expanding RVR's network to 84 stores across the United States. The acquisitions (to be completed in December 2021) grow RVR's presence in Texas to 17 stores and in Arizona to 6 stores and bring the teams from both dealerships into the RVR organization.

FYidoctors (part of the FYihealth group) has acquired BonLook, a Montreal-based eyewear retailer, from Walter Capital Partners, which is transferring its holdings while remaining a minority shareholder. The deal expands FYidoctors' national brand portfolio and retail footprint, bringing BonLook's stores and DTC capabilities into FYihealth's network.

Ayr Wellness Inc. has entered into an agreement to acquire Gentle Ventures, LLC (d/b/a Dispensary 33), which operates two licensed retail cannabis dispensaries in Chicago’s Andersonville and West Loop neighborhoods. Consideration is expected to total $55 million upfront (including $12 million cash, $3 million seller notes and $40 million stock) with an earn-out tied to Adjusted EBITDA; the transaction is subject to customary closing conditions and regulatory approvals.

Franchise Group, Inc. completed an all-cash acquisition of W.S. Badcock Corporation for approximately $580 million. The acquisition adds Badcock’s 383-store southeastern home furnishings chain (and related real estate and consumer credit receivables) to Franchise Group’s portfolio, creating scale and anticipated synergies with its existing home-furnishings brands.

Signet Jewelers Limited has finalized its acquisition of Diamonds Direct USA Inc. for $490 million in cash. The deal — representing roughly a 1.1x multiple on annualized revenue and a 7.1x multiple on annualized EBITDA — adds 22 Diamonds Direct locations and expands Signet’s presence in the bridal and accessible-luxury jewelry market.

OneWater Marine Inc. has reached an agreement to acquire Norfolk Marine Inc., expanding OneWater’s presence in the Mid-Atlantic and establishing its first dealership in Virginia. Norfolk Marine is a third-generation, family-owned full-service boat dealer that generated over $20 million in sales in the prior twelve months and offers new and pre-owned boat sales, parts, finance and service; the deal was expected to close in Q4 2021.

RV Retailer, LLC (RVR) has acquired Out-of-Doors Mart and Airstream of Greensboro, expanding RVR's store count to 77 and its presence in North Carolina to seven locations. RVR said it will invest in the Greensboro facility to grow sales and service, and that key personnel (Joel and Ben) will remain with the business.

Fleet Feet has acquired JackRabbit, bringing all JackRabbit retail locations across 15 states and the jackrabbit.com e-commerce business into the Fleet Feet network. The deal, completed in early December 2021 from affiliates of CriticalPoint Capital, expands Fleet Feet's national footprint to roughly 250 locally owned and operated running stores and strengthens its omnichannel capabilities.

MacEwen Petroleum Inc. acquired the business assets of Quickie Convenience Stores Corporation, adding 51 convenience stores (including 22 gas stations) in Eastern Ontario and Gatineau, Quebec to its network. The Quickie chain was sold by long-time co-owners Arnold Kimmel and Larry Hartman; MacEwen said it will invest in modernizing the stores and expanding the Quickie brand across its footprint.

RAJA Group has completed the acquisition of Office Depot Europe from AURELIUS Equity Opportunities, effective 1 November 2021. The purchase brings roughly 1,500 employees into the RAJA family and strengthens RAJA's position across European office supplies, e-commerce and distribution channels; financial terms were not disclosed.

Toronto-based private equity firm Lynx Equity Limited has acquired Sorrento's Lighthouse Market, a family-owned grocery, liquor and deli in Sorrento, British Columbia. The acquisition is being integrated with Lynx's existing Blind Bay Village Grocer business to capture purchasing and back-office synergies and expand the firm's grocery footprint in the Shuswap region.

An affiliate of H.I.G. Capital has acquired a controlling stake in Cesar di Barbarossa Enio e F.lli S.r.l., Gruppo SDA S.r.l. Servizi Distribuzione Associati and VDM Vaccaro Distribuzione Merci S.r.l., which operate under the Acqua & Sapone brand. The Barbarossa family is reinvesting as a significant minority shareholder; the combined companies operate over 700 stores in Italy and generated more than €900 million of revenues in 2021. H.I.G. said the investment will support integration of the businesses and accelerate Acqua & Sapone's expansion across Italy.

Titan Machinery Inc. (Nasdaq: TITN) agreed to acquire the assets of Jaycox Implement, Inc., adding three full-line Case IH dealerships located in Worthington and Luverne, Minnesota, and Lake Park, Iowa. Jaycox generated approximately $91 million of revenue in the trailing twelve months ended June 30, 2021; the asset purchase is expected to close in December 2021 and to be immediately accretive to Titan's earnings per share.

RV Retailer, LLC (RVR) acquired Aloha RV, a two-location recreational vehicle dealer in the greater Albuquerque, New Mexico market. Seller Peter Larson will continue to manage the business as part of RVR's Southwest expansion, bringing RVR's store count to 75 locations across the United States.

Sundial Growers Inc. agreed to acquire all outstanding shares of Alcanna Inc. in an all-stock plan of arrangement valued at approximately C$346 million, giving Alcanna shareholders Sundial common shares. The deal expands Sundial's retail footprint into liquor (Alcanna operates 171 store locations) and increases its exposure to cannabis retail through Alcanna's interest in Nova Cannabis, with expected synergies and improved cash generation.

Sonsray Machinery, a CASE construction equipment dealer based in Torrance, California, has acquired Booth Machinery, a Case IH agricultural equipment dealership. The deal adds five Booth Machinery locations (Bakersfield, Five Points, Fresno and Salinas in California, and Yuma in Arizona) and expands Sonsray into the agriculture market and parts/service footprint.

Daiwa PI Partners has acquired Y International, a leading high-end bicycle retail chain in Japan, from The Riverside Company. The deal — terms not disclosed — transfers ownership of the e-commerce and multi-store specialty bike retailer to the Japanese private equity buyer, which is expected to further invest in the company's retail footprint and digital capabilities.

Pernod Ricard has signed an agreement to acquire The Whisky Exchange, a leading UK-based online and physical retailer of whiskies and fine spirits. The deal is intended to strengthen Pernod Ricard’s e‑commerce and direct-to-consumer capabilities and create synergies with its existing digital platforms while keeping The Whisky Exchange’s management and team in place.

Foot Locker agreed to acquire West Coast footwear and apparel retailer WSS from Dallas-based private equity firm Riata Capital Group for $750 million. The acquisition expands Foot Locker's portfolio and footprint in Hispanic-focused, inner-city markets and is expected to accelerate WSS's unit growth and omni-channel initiatives.

Stem Holdings, Inc. (d/b/a Driven By Stem) acquired Artifact Extracts, a cannabis extraction company based in Oregon, along with two dispensaries and Salem delivery capabilities. The transaction expands Stem's concentrates production capabilities and West Coast retail footprint, enabling integration of Artifact's product lines into Stem's brands and rollout of its Budee delivery platform in Salem and Eugene.

Global Blue (via Global Blue Ventures) increased its investment in Yocuda through a capital increase and share purchase, taking its total stake to 56% and making it the majority owner. The deal brings Yocuda — a UK-founded digital receipt provider — into Global Blue's RetailTech network to expand omnichannel capabilities, accelerate geographic expansion, and create cross-sell opportunities with Global Blue's retailer customer base.

Risk Capital Partners has become majority shareholder in Brighton-based musical-instrument retailer GAK in a management buyout that hands control to joint managing directors Max Mckellar and Ian Stephens; founder Gary Marshall retains a stake. GAK is an omni-retailer (strong online sales and a flagship Brighton shop) expecting around £35 million of revenue in the current year and plans to expand both online and via additional retail locations.

Cresco Labs has closed its acquisition of Cultivate, a vertically integrated Massachusetts cannabis operator with three dispensaries and approximately 42,000 square feet of active cultivation canopy. The deal increases Cresco's in-state cultivation to ~64,000 square feet and expands its retail footprint in Massachusetts as part of a strategy to deepen presence in large, attractive state markets.

ProA Capital has purchased a majority stake in La Casa de las Carcasas in a transaction valued at more than €100 million; founder Ismael Villalobos remains as a minority shareholder. The deal aims to accelerate the retail chain's international expansion — the company operates nearly 260 stores (headquartered in Jaraíz de la Vera, Cáceres) and plans further growth across Europe and Latin America.

Affiliates of White Brush Capital have recapitalized Weller Recreation, a powersports dealership based in Kamas, Utah. Lakeside Partners served as exclusive financial advisor to Weller Recreation and Delfino Madden served as legal counsel; the transaction provides liquidity/partnership for the Weller family to support future growth.

Centre Partners completed a recapitalization investment in Midwest Mobility Solutions (MMS), a Troy, Michigan–based AT&T National Authorized Retailer operating more than 85 stores across seven states. Co-founders Matt Sharrak and Nash Khami remain significant owners and will continue to lead the business; Centre Partners said the investment will support MMS’s growth plans, including geographic expansion and entry into adjacent markets. Financial terms were not disclosed.

Fernandez Holdings Inc. acquired 14 John Deere construction and forestry stores—nine locations from Nortrax Inc. (in Maine, New Hampshire, Vermont and New York) and five locations from Schmidt Equipment Inc. in Massachusetts—and is operating the combined business as United Construction & Forestry LLC. The founder-funded investment firm said it will invest in facilities, operations and talent to expand John Deere construction and forestry services and support across the Northeast.

OvareVentures, part of the OvareGroup holding company, has purchased Kenver, Ltd., a Massachusetts-based specialty sportswear and outdoor retail boutique. The acquisition expands OvareVentures' outdoor retail portfolio and will support growth across Kenver's physical retail and eCommerce channels.

Bish's RV, a family-owned RV dealer group headquartered in Meridian, Idaho, has acquired Guaranty RV Super Centers, a long-standing family-owned RV dealership in Junction City, Oregon. FOCUS Investment Banking represented the Nill family in the sale, which Bish's said was the best cultural fit to continue the Nill family legacy and preserve continuity for employees and customers.

GrowGeneration Corp. (NASDAQ: GRWG) has acquired Commercial Grow Supply, a hydroponic superstore in Santa Clarita, California, founded in 2011 by Sevan Derohanian. The acquisition (Commercial Grow Supply had annual revenue near $10 million) expands GrowGeneration’s footprint in Southern California and increases its California store count to 22 as the company continues to scale its national retail network.

GrowGeneration Corp. announced the acquisition of Hoagtech Hydroponics, a hydroponic equipment and indoor gardening store in Bellingham, Washington. The deal expands GrowGeneration's Pacific Northwest footprint, adds a 25,000 sq. ft. warehouse and a commercial customer base, and brings Hoagtech founder Dan Hoag and his team of eight cultivation experts into GrowGen.

Wax Center Partners — a platform formed by MKH Capital Partners in partnership with the Stieber European Wax Center franchise — acquired six European Wax Center locations in the Dallas metro area (Allen, Arlington, Fort Worth, Frisco, Las Colinas, and Mansfield). The add-on expands Wax Center Partners' footprint to 18 centers and reflects the platform's strategy of growth through both new development and acquisitions.

Eaze, a San Francisco-based cannabis delivery marketplace, has agreed to acquire multi-state retail operator Green Dragon, combining delivery and storefront operations across California, Colorado, Michigan and Florida. The deal (pending regulatory approvals) creates a combined company with 42 delivery and retail locations and expands Eaze's retail and cultivation capabilities and geographic footprint.

RV Retailer, LLC (RVR) acquired Frost RV, a Tucson, Arizona-based RV dealership, with the transaction expected to close in August 2021. The acquisition expands RVR’s presence in Arizona (complementing its Tom’s Camperland stores in Phoenix) and brings Frost RV’s team, led by Bruce Frost, into the RVR family to grow new and used RV sales, service and parts.

MedX Holdings Inc. (MEDH) has acquired Dazed Inc., a Texas-based operator of the Lazydaze retail/coffee and cannabis concept, as a wholly owned subsidiary. MedX said the acquisition advances its strategy to build vertically integrated cannabis brands and expand into retail and public consumption lounges across U.S. markets.