Retail Acquisitions in 2022

Denver-based 7E CO Holdings LLC, a division of Monfort Cos., acquired a 19-store portfolio of gas and convenience stores operating as Chisholm Corner across southwest Oklahoma (and one location in Wichita Falls, Texas). The seller was Brent Bostick of Bostick and Associates; financial terms were not disclosed. The transaction expands Monfort's multi-state convenience-store footprint.

Pronovias Group agreed a binding recapitalization that transfers majority ownership from BC Partners to a consortium led by Bain Capital and MV Credit. The recapitalization will reduce the Group's debt, extend maturities and inject liquidity to support Pronovias' growth strategy and strengthen its balance sheet.

Christy Sports has acquired Grizzly Outfitters, a specialty outdoor retail and rental operator in Big Sky, Montana. The acquisition, which closed December 15, 2022, expands Christy Sports' retail and rental footprint in Montana and preserves the Grizzly Outfitters brand and staff during the transition.

Pet Network International (PNI), a portfolio company of A&M Capital Europe, has acquired Bulgaria-based Zoo Group Stefanov (Dr. Stefanov) and Croatia-based Zvjerinjak. The transactions expand PNI’s omnichannel pet retail footprint across Southeast Europe by adding 29 stores in Bulgaria and 6 stores in Zagreb and folding the businesses into PNI’s existing banners and ecommerce platform.

Blue Compass RV (formerly RV Retailer, LLC) has acquired B&R Camper Sales, a full-service RV dealership in Mobile, Alabama. The deal expands Blue Compass RV’s retail, parts and service footprint in the Southeast as part of its ongoing roll-up of regional dealerships.

Camping World Holdings, Inc. has agreed to acquire RV Solutions Inc., a family-owned RV dealership group in San Diego, California, including two dealerships (RV Solutions and Airstream of San Diego) and a standalone parts and service center in El Cajon. The dealerships will be rebranded to operate as Camping World RV SuperCenters; the transaction is expected to close in the first quarter of 2023.

TZP Group has made a growth investment in Soccer Post, the largest local-market-focused omni-channel soccer specialty retailer in the U.S., to support the company's national expansion across e-commerce, physical stores, and institutional channels. Soccer star Alex Morgan also joined as an investor and brand ambassador to support community engagement and future store ownership.

Hillier Garden Centres (Hillier Nurseries Ltd), a family-owned UK garden centre group, has acquired Rosebourne Ltd, a boutique operator of three destination garden centres in Weyhill, Aldermaston and Hampton in Arden. The purchase expands Hillier's estate from 19 to 22 centres and will bring Hillier-grown plants and other capabilities into the Rosebourne locations.

Bain Capital Private Equity agreed to acquire a majority stake in Tokyo-based Mash Holdings, the operator of fashion and lifestyle brands including gelato pique, SNIDEL and FRAY I.D. The firm said it will partner with Mash's management to strengthen the company's business foundation and accelerate medium- to long-term growth across its fashion, beauty and food brands.

Cencosud completed acquisitions of U.S.-based The Fresh Market and Brazil-based GIGA Atacado, which were integrated into the group's results in 3Q22 and materially contributed to revenue and Adjusted EBITDA growth. The deals expand Cencosud's supermarket footprint across the United States and Brazil and support the group's inorganic growth and market share strategy.

Privately held JARS Cannabis has entered into a definitive agreement to acquire Euflora LLC, adding six recreational dispensaries and a 7,200 sq. ft. cultivation center and greenhouse in Colorado. The deal expands JARS' retail footprint to 26 storefronts across three states, increases product assortment and customer reach, and is intended to drive operational and retail synergies in core recreational markets.

GrowGeneration Corp. (GrowGen) acquired St. Louis Hydroponic Company, a leading hydroponic retail store in St. Louis, Missouri, and began operating the location under the GrowGeneration name on November 7, 2022. The acquisition expands GrowGen's retail footprint and establishes a presence in Missouri ahead of the state's newly approved adult-use market.

Majors Management, LLC acquired 10 Chevron-branded convenience stores, the dealer wholesale business, and the commercial fuels and lubricants business (including an associated bulk plant) from Morgan Oil Company, Inc. The transaction expands Majors' presence in East Texas and transitions Morgan Oil's operations and employees to Majors' platform.

Credo Beauty, the San Francisco-based clean beauty retailer, has acquired Boston-based Follain and will absorb its online retail business and Beacon Hill storefront. Follain’s branded skincare line will join Credo’s owned brand portfolio and Follain founder Tara Foley will remain on as an advisor during the transition before focusing on consulting.

Healthier Choices Management Corp. (HCMC) announced the acquisition of Green's Natural Foods, an 8‑store organic and natural grocery chain operating in New York suburbs and northern New Jersey. HCMC said the purchase will significantly expand its grocery segment and is expected to approximately double the company's annualized revenue to about $60 million.

Kimco Realty sold 11.5 million of its 39.8 million shares in Albertsons Companies, generating net proceeds of approximately $301.1 million following the Kroger‑Albertsons merger announcement. Kimco retains 28.3 million Albertsons shares, agreed to a lock-up on roughly 28 million shares for up to seven months, and noted that the merger consideration includes a $6.85 per‑share special cash dividend.

Blo Blow Dry Bar, a Toronto-based blow dry bar franchisor, has acquired Canadian brow and lash specialist MYNC Beauty Inc., which operates six locations across the Greater Toronto Area. The acquisition will allow Blo to roll out a MYNC franchise system across Canada and accelerate MYNC's multi-location growth under Blo's franchising expertise.

Curaleaf Holdings, Inc. has completed the acquisition of Tryke Companies (dba Reef Dispensaries), a vertically integrated multi-state cannabis operator, expanding Curaleaf's cultivation and retail footprint across Arizona, Nevada and Utah. The transaction included cash and Curaleaf subordinate voting shares with total consideration of approximately US$181 million plus contingent shares tied to 2022 EBITDA targets, and is expected to be immediately accretive to Curaleaf's EBITDA and free cash flow.

Global Partners LP acquired Tidewater Convenience, Inc.'s 15 convenience-store locations (14 company-operated) in Southeast Virginia, expanding the Partnership's retail footprint in the mid-Atlantic. Matrix Capital Markets Group served as exclusive financial advisor to the seller.

Fulcrum Capital Partners has made an investment in VODA Backyard Leisure Group, creating a platform that combines Aquiform Distributors, Club Piscine and Pool Supplies Canada. The investment (made alongside multiple co-investors from Fund VI) is intended to support growth across the group's distribution, retail and online businesses in the Canadian backyard leisure market.

TREES CORPORATION signed a definitive agreement to acquire the assets of Green Tree, including the Green Tree Longmont and Green Tree Berthoud dispensaries, over 34,000 square feet of cultivation and a manufacturing (MIP) facility in Colorado. The deal expands TREES' Colorado footprint to four dispensaries (and seven retail locations across Colorado and Oregon) and is expected to generate more than $10M of revenue for the TREES platform.

Klis Capital, an investment platform for Latin American family offices, has acquired Flower Kingdom, a family-owned florist based in Palm Beach Gardens, Florida. The transaction closed on September 2, 2022; Klis Capital said it plans to continue Flower Kingdom’s legacy and expand its presence in South Florida.

AURELIUS has completed the acquisition of UK streetwear retailer Footasylum from JD Sports Fashion Plc for an enterprise value of approximately EUR 45m (GBP 37.5m). Footasylum, headquartered in Rochdale and operating 63 UK stores plus multiple websites and warehouse facilities, will be supported by AURELIUS to enhance digital capabilities, develop own-brand opportunities and improve profitability.

The Cigarette Store LLC (dba Smoker Friendly) has acquired Tobacco Superstores, a Forrest City, Arkansas-based chain of 79 stores across Arkansas, Tennessee, Mississippi, Missouri and Kentucky. The stores will be rebranded as Smoker Friendly, expanding TCS's corporate footprint to 260 stores in 12 states and introducing TCS product lines to former Tobacco Superstores customers.

Main Street Capital Corporation made a $50.0 million first-lien, senior secured follow-on debt investment in Bolder Panther Group, LLC (operating as Smoker Friendly) to support the company's acquisition of a 79-store tobacco retailer operating across Arkansas, Mississippi, Tennessee, Missouri and Kentucky. Smoker Friendly (headquartered in Boulder, Colorado) operates 259 retail stores across 12 states and owns private-label tobacco products sold through its stores and a dealer network of over 750 locations.

Emerald Holding, Inc. (NYSE: EEX), owner and organizer of NY NOW, has acquired Bulletin Inc., a New York–based wholesale digital marketplace connecting over 3,000 independent brands with more than 26,000 retailers. The acquisition will integrate Bulletin's digital marketplace and community with NY NOW's in-person events to create a year-round discovery and commerce platform; Bulletin's employees and co‑founders will join Emerald in leadership roles.

Los Angeles-based private equity firm Nexus Capital Management LP led a strategic growth investment in Lamps Plus, the nation's largest specialty lighting retailer. The capital will partner with founders Dennis and Manja Swanson to support Lamps Plus's next phase of growth as an omnichannel retailer across ecommerce and physical stores.

Surge Private Equity has closed an investment in Amuze Products II, a Dallas-based operator of proprietary massage chairs and hurricane simulators that places equipment in trampoline parks, amusement parks and truck stops. Debt financing for the deal was provided by CrowdOut Capital; Amuze founder Phillip Brothers will retain equity and remain CEO while Surge provides growth capital and supports future add-on acquisitions and product line expansion.

Ergon Capital Partners (Apheon) has acquired a majority stake in 360º Padel Group, the largest specialized padel platform globally, headquartered in Madrid. Inveready and investment vehicles including GAEA Inversion SCR and Full Global Investments SCR committed capital alongside management, which is reinvesting, to support the Group's omnichannel expansion across key international padel markets.

NDS Group AS, an AURELIUS-backed automotive aftermarket platform, completed two add-on acquisitions of Hovdan Poly AS and Nordic Wash AS to broaden its spare-parts, marine- and workshop-equipment offering in Norway. The deal also coincides with NDS signing a long-term supplier agreement with Carfix AS, supporting the group's one-stop-shop strategy for workshops and carwash/workshop equipment customers.

Peakstone served as exclusive M&A advisor to Builders Source Inc. on its sale to an unnamed private acquirer. Founded in 1993 and headquartered in Albuquerque, New Mexico, Builders Source is a regional distributor and showroom operator of home appliances and plumbing products serving contractors, designers and homeowners across the Southwest.

Alliance Entertainment Holding Corporation closed the acquisition of Think 3Fold on July 1, 2022. The purchase adds licensed toys and collectibles SKUs, vendor relationships and Walmart distribution features to Alliance’s wholesale/distribution platform to expand its toy and collectibles offering and retail footprint.

Nation’s Best has acquired Sparr Building & Farm Supply, a family-owned, four-store lumber and farm supply business serving Central Florida. The acquisition expands Nation’s Best’s presence in the Southeast while Sparr will continue operating under its existing name with its leadership team overseeing operations alongside Nation’s Best.

Fleet Feet, the largest franchisor of locally owned running stores, has agreed to acquire New England-based Marathon Sports, including its soundRUNNER and Runner's Alley brands and e-commerce business. The deal—timed with the retirement of Marathon Sports owners Colin and Penny Peddie—will keep Marathon Sports as a wholly owned, separately operated subsidiary headquartered in Waltham, Massachusetts; financial terms were not disclosed.

Garnett Station Partners, a New York-based principal investment firm, announced a growth investment in Woof Gang Bakery & Grooming to provide capital and operational resources to accelerate the brand’s franchise expansion. Woof Gang, founded in 2007, operates as a franchisor of pet grooming and specialty retail with more than 200 locations and $125+ million of run-rate system sales.

Camping World Holdings, Inc. agreed to acquire the operating dealership Anthem RV in New River, Arizona and will convert it to the Camping World brand at closing. The deal expands Camping World's presence in the greater Phoenix market and includes a new site to be built in Surprise, Arizona to serve the region.

SpartanNash has acquired Shop-N-Save Food Centers, a three-store grocery chain in northwestern Michigan, converting the Benzonia, Fremont and Ludington locations to its Family Fare banner and retaining employment for all associates. Shop-N-Save, founded by William "Bill" DeVries and a SpartanNash distribution customer for nearly 25 years, will expand SpartanNash's Family Fare footprint across the Midwest.

Funds managed by Apollo (Apollo Funds) agreed to acquire Cardenas Markets from investment funds affiliated with KKR and will combine Cardenas with Apollo portfolio company Tony's Fresh Market to create a leading Hispanic- and ethnic-focused grocer. The combined business will operate across California, Nevada, Arizona and the Midwest with nearly 80 stores and approximately $1.8 billion in combined revenues; financial terms were not disclosed.

CMG Companies (led by Al Bhakta) formed a new portfolio company, Bolster Hardware, and acquired 21 Ace Hardware stores operating as Potters Ace Hardware in Kentucky and Tennessee. The acquisition expands CMG's multi-unit franchise portfolio and diversifies its holdings beyond restaurants into the hardware/retail sector.

Cardenas Markets is acquiring six Rio Ranch Market stores located in Chino, Banning, Fontana, Perris, Riverside, and San Bernardino, with the group of stores to be gradually integrated into Cardenas' operations. The transaction is expected to close by mid-July 2022; Rio Ranch Markets founded in 1983 will transition the stores while The Food Partners served as advisor to Rio Ranch Market.

Rainier Partners, a Seattle-based lower-middle-market private equity firm, has made a growth investment in Pet Food Express (PFE), a California-based omnichannel pet retailer with more than 60 stores. The investment will support PFE's e-commerce acceleration and expansion of its brick-and-mortar footprint while partnering with founder Michael Levy and the existing management team.

GALLS, a leading supplier to public safety professionals, has acquired U.S. Patriot Tactical, a large multi-channel military and tactical gear retailer. The deal combines GALLS' nationwide distribution and e-commerce capabilities with U.S. Patriot Tactical's on-base and off-base retail footprint (63 stores) and ~270 employees, expanding GALLS' presence in the U.S. military individual market.

GoDigital Media Group, LLC has acquired outdoor retailer Eastern Mountain Sports (EMS) and apparel retailer Bob's Stores from Frasers Group plc. The deal brings approximately 42 retail locations, a warehouse/fulfillment center, and roughly 900 employees into GoDigital's content-to-commerce model as the company aims to expand its e-commerce, product development, and supply-chain capabilities.

Arklyz Group, owner of The Athlete's Foot, has acquired Shoe City, a Baltimore-based sneaker and streetwear retail chain, together with its online platform ycmc.com. The acquisition adds approximately 40 retail locations in the DC-Maryland-Virginia (DMV) region and aims to accelerate omnichannel growth by integrating Shoe City into The Athlete's Foot organization.

RV Retailer, LLC (operating as Blue Compass RV) announced it has acquired Manteca Trailer and Motorhomes in Manteca, California, with the deal expected to close in June. The acquisition expands RV Retailer’s footprint in California and marks the company’s 100th retail location, bringing the dealer network additional sales and service capacity in the Stockton/Modesto trade area.

Camping World Holdings, Inc. has agreed to acquire Richardson's RV Centers, adding eight locations (five dealerships, one future dealership and two parts/service centers) across California and Indiana. The deal strengthens Camping World's position as the leading RV dealer in California and expands its retail and service footprint.

NXTLVL Holdings, LLC (NXTLVL Marine) has acquired Austin Boats & Motors, a single-location, family-owned boat dealership near Austin, Texas. The acquisition expands NXTLVL's Texas footprint (its fifth location) and was completed with sell-side advisory support from Three Twenty-One Capital Partners; the family owners (led by Martin Boyer) will transition the business into NXTLVL's multi-location dealer platform.

David's Bridal has acquired the team and technological assets of Anomalie, a direct-to-consumer custom wedding dress startup, and will integrate Anomalie's technology and personnel into its digital offerings. Leslie Voorhees Means, Anomalie's co-founder and CEO, will join David's Bridal to lead implementation of the integrated initiatives; specific terms were not disclosed.

Cencosud agreed to acquire a 67% majority stake in The Fresh Market Holdings, Inc. for a $1.568 billion enterprise valuation, investing $676 million in a mix of primary and secondary equity. The deal provides Cencosud with entry into the U.S. market while existing shareholders (including funds managed by Apollo, the Berry family and management) retain a minority interest and The Fresh Market’s management will continue to operate the business.

Stonehenge Partners, Geneva Glen Capital and Three20 Capital Group have made a growth investment in Salon Freedom, a multi-unit developer and owner of Sola Salon Studios franchise locations. The capital will support Salon Freedom’s expansion from 37 active locations to a planned 75 units over five years and enable acquisitions of established Sola locations in new markets; David Raduziner will serve as CEO and Todd Recknagel will serve as Board Chair.