Retail Acquisitions in 2023

Coupang, Inc. announced it will acquire the business and assets of Farfetch Holdings plc, taking the luxury e-commerce marketplace private and providing Farfetch access to $500 million of capital. The deal pairs Coupang's logistics and commerce capabilities with Farfetch's luxury marketplace and platform technology, with Greenoaks acting as Coupang's investment partner on the transaction.

Imperial Capital’s express car wash platform, GO Car Wash, has received a growth investment from an unnamed privately-held investment firm. The capital will be used to expand GO’s footprint and scale operations across existing and new U.S. markets; GO currently operates 142 express car wash locations nationwide.

Kansas Golf & Turf (a portfolio company of Strength Capital Partners) has merged with Ben Nelson Golf & Outdoor, an award-winning distributor and dealer of golf cars, utility vehicles, trailers and turf equipment. Ben Nelson Golf & Outdoor operates three locations in Madison and Biloxi, Mississippi and Memphis, Tennessee with ~50 employees; the combined KGT/BNG business will operate from five strategic locations to expand geographic reach and service capabilities across the Midwest, Southeast and Southwest United States.

Blackford Capital, a lower middle market private equity firm, acquired LTD Online Stores, Inc., a San Diego-based patio furniture e-commerce business, wholesale distributor and retail showroom operator. The deal is the third add-on to Blackford's Patio Portfolio (joining Artificial Turf Supply and Starfire Direct) and is intended to expand the platform's high-end furniture offerings and diversify distribution channels.

Grafton Apparel Ltd.'s shareholders have entered into a definitive sale agreement with an affiliate of Stern Partners Inc., a Canadian private investment firm controlled by Ronald N. Stern. Stern Partners said it will support Grafton as the company continues to independently operate and expand its 127 retail stores and three e-commerce sites (Tip Top, George Richards and Mr. Big & Tall) across Canada.

Bow River Capital and Freedom 3 Capital provided a tranche of growth capital financing to Gas N Wash, a family-owned gas station, convenience store and car wash operator based in Frankfort, Illinois. The investment will support continued expansion of Gas N Wash's new-development rollout (more than 28 locations) across the greater Chicago area.

Northland Lawn, Sport & Equipment has acquired Moose Lake Implement & Sport from James and Andrew Gassert. The family-owned powersports and outdoor equipment dealership in Moose Lake, Minnesota will be renamed Northland Lawn, Sport & Equipment and continue operating at its current location.

Walstrom Marine has acquired Grand Bay Marine, a Michigan-based full-service boat dealership with locations in Traverse City and Charlevoix. The seller, Liz Carney and her family, will assist with the transition while Grand Bay's 38 employees remain; the deal expands Walstrom's footprint across the Great Lakes and adds the Regal brand to its portfolio. The investor group led by Continuum Ventures (the DeVos family office) — which previously invested in Walstrom — will own Grand Bay through their stake in Walstrom.

GigaCloud Technology Inc. completed an asset acquisition of Noble House Home Furnishings LLC for approximately $85 million in cash. The deal adds more than 2.3 million square feet of warehouse capacity, inventory, brands and customer contracts to GigaCloud’s B2B marketplace, expanding its distribution, supply-chain and logistics capabilities and geographic sourcing into Canada and India.

Super-Sod, a vertically-integrated turfgrass and compost company headquartered in Charleston, South Carolina, acquired All Green Outdoor Center in North Georgia (closing announced November 1, 2023). The purchase expands Super-Sod’s retail footprint in North Georgia and enables the company to offer its full product line — including Bermuda, Tall Fescue and Zoysia sod, Soil3 compost and expanded stone/hardscape inventory — to local landscapers and homeowners.

ASDA has completed the acquisition of EG Group’s UK and Ireland operations, comprising 356 petrol filling stations and 462 food-to-go locations. The deal accelerates ASDA’s convenience retail strategy, substantially expanding its forecourt and convenience footprint and making ASDA the #3 convenience retailer in the UK.

Ahold Delhaize has agreed to acquire Profi Rom Food (Profi), Romania’s leading convenience and proximity supermarket chain, from private equity investor MidEuropa for an enterprise value of approximately EUR1.3 billion (pre-IFRS16). Profi operates more than 1,650 stores, generated over EUR2.5 billion in trailing-12-month revenue, and will expand Ahold Delhaize’s Romanian footprint alongside its Mega Image brand; the deal represents one of the largest grocery transactions in Central and Eastern Europe.

Tellus Equipment Solutions, a John Deere dealer owned by Cardinal System Holdings, has acquired Bramlett Implement, a John Deere dealership in Stephenville (Erath County), Texas. The acquisition expands Tellus' footprint across South and Central Texas and retains Bramlett's employees while enhancing equipment, parts inventory, and customer support in the region.

Casa Auto Group, a family-owned automotive retail group based in El Paso, Texas, has acquired Borman Autoplex in Las Cruces, New Mexico, including Ford, Honda, Hyundai and Mazda dealerships located on Boutz Road. The acquisition expands Casa Auto Group’s Southwest footprint and adds a large multi-brand dealership site with substantial on-site vehicle inventory to its portfolio.

Discount Tire (The Reinalt-Thomas Corporation) acquired the retail tire and automotive maintenance operations of Dunn Tire, closing Sept. 30, 2023. The deal adds 25 Dunn Tire locations across western and central New York and Pennsylvania, expanding Discount Tire's retail footprint and full-service offerings for retail, fleet and B2B customers.

Directional Capital acquired Purple RTO Holdings, a franchisee operating Rent-A-Center locations across the Midwest and Southwest, with subordinated debt and minority equity provided by Spring Capital Partners IV alongside NewSpring Mezzanine and Salem Investment Partners. The transaction covers Purple’s ~63 retail Rent‑to‑Own locations (branded Purple Cactus and Purple Horseshoe) and expands Directional’s retail footprint.

Brookshire Grocery Co. has agreed to acquire three Diamond Food Market grocery locations in Henrietta, Mineral Wells and Aubrey, Texas. The stores will reopen under Brookshire banners (one as Brookshire's, two as Spring Market) after a brief transition and employees at the locations are being offered positions with Brookshire.

Pure Hockey has acquired Roswell-based North Georgia Hockey, marking the retailer's first entry into the Georgia/Atlanta market. The acquisition expands Pure Hockey's nationwide brick-and-mortar footprint—bringing its store count to more than 70 locations across 23 states—and integrates North Georgia Hockey's local customer base and team into Pure Hockey's retail network.

Camping World Holdings, Inc. announced it will acquire Edmundson RV in Edinburgh, Indiana, a location that operates 34 service bays and will span nearly 18 acres at closing. The deal — expected to close in Q1 2024 — will be Camping World's first exclusive Forest River location in Indiana and will increase the company's Indiana location count to four.

Argonne Capital Group has acquired Keystone Fireworks, a Pennsylvania-based retailer that designs, imports and sells proprietary consumer fireworks through licensed stores. Alignment Credit acted as sole lead arranger and administrative agent for a senior secured credit facility to support the buyout and enable the company's future growth under Argonne's ownership.

OneWater Marine Inc. (NASDAQ: ONEW) acquired the net assets of Harbor Pointe Marina, an on-water dealership located in Dadeville, Alabama, expanding the company's presence on Lake Martin. The transaction (real estate excluded; inventory taken on consignment) broadens OneWater's new and pre-owned boat sales, finance, parts and services offerings; Harbor Pointe generated approximately $5.8 million in sales in 2022.

Rickley Sports Cards, a family-owned sports card and memorabilia shop in Bellevue, Nebraska, has acquired Perfect 10 Card Company, a veteran‑owned sports card retailer based in Omaha, Nebraska. Financial terms were not disclosed; Rickley said the acquisition will broaden its product offering by adding Perfect 10's sealed hobby boxes and graded-10 cards sold through brick-and-mortar, social media and wholesale channels.

NEXT plc and the Reiss family have agreed to acquire Warburg Pincus' entire 34% interest in the Reiss Group for total consideration of £128m. Following completion (expected mid-October 2023), NEXT's holding will increase from 51% to 72%, the Reiss family will hold 22% and Reiss management will retain 6%, with Reiss consolidated into NEXT's accounts.

Qatar Investment Authority (QIA) invested ₹8,278 crore (≈$1 billion) to acquire a 0.99% fully-diluted minority stake in Reliance Retail Ventures Limited (RRVL). The investment provides QIA exposure to India’s largest retail platform as RRVL continues to expand its store network and digital commerce footprint.

Nouria Energy Corp. acquired the assets of H.A. Mapes Inc., adding 13 owned series locations, nine former Harry’s convenience stores and additional dealer sites to its New England retail and dealer network. In a simultaneous, related transaction, Brown Bear Co. purchased H.A. Mapes' transportation business; Matrix Capital Markets advised H.A. Mapes on the sale.

Tapestry, Inc. has entered into a definitive agreement to acquire Capri Holdings Limited for $57.00 per share in an all-cash transaction valued at approximately $8.5 billion. The deal combines Tapestry’s Coach, Kate Spade and Stuart Weitzman brands with Capri’s Versace, Jimmy Choo and Michael Kors to create a diversified global luxury house, targeting over $200 million of run-rate cost synergies and expanded direct-to-consumer opportunities.

Advent International has agreed to acquire a majority shareholding in ZIMMERMANN from Style Capital, with the Zimmermann family and Style Capital retaining a significant minority stake. The investment will support ZIMMERMANN’s international expansion—particularly in Asia and the Middle East—broaden product categories and accessories, and strengthen its online and omnichannel presence.

Camping World Holdings, Inc. has agreed to acquire RV Arizona Consignment Specialists, a consignment-focused RV dealer in El Mirage, Arizona, with the deal expected to close in Q4 2023. The acquisition establishes a platform and playbook for a nationwide rollout of consignment-exclusive locations and will be led by Marty Holman to expand Camping World's consignment capabilities and grow used RV sales.

Kingswood Capital Management, LP has acquired Obsession Holdings, Inc., a leading U.S. fragrance retailer operating The Fragrance Outlet and Perfumania. Kingswood will partner with Obsession executives Frank Mroczka (CEO) and Bill Aisenberg (CFO) to invest in new store growth, proprietary product development and omnichannel/ecommerce expansion; CIBC Bank USA provided debt financing for the transaction.

Funds managed by affiliates of Apollo Global Management have agreed to make a strategic equity investment in PetSmart, with BC Partners and its co-investors (including GIC and PetSmart management) remaining majority shareholders and retaining board control. The investment is intended to support PetSmart’s growth and operational initiatives across its omnichannel retail and services business; the transaction is expected to close in Q4 2023 and terms were not disclosed.

CION Investment Corporation closed a transaction to acquire substantially all assets of David's Bridal, investing $20 million and assuming certain bankruptcy-related liabilities. The go-forward business will operate up to 195 stores and preserve about 7,000 jobs, and Bank of America will provide a $50 million revolver and $20 million term loan to support the company's financial flexibility.

Buckminster Hamilton Limited, an entity controlled by WoolOvers Group (owned by Verdane), has acquired Beaconsfield Footwear Limited — the operating business behind Hotter Shoes — in a pre-pack deal for £6.7 million following the appointment of administrators to Unbound Group's footwear business. The transaction transfers all 421 employees and 27 stores/concessions to WoolOvers, preserving the Hotter brand and operations as a WoolOvers (Verdane-owned) add-on.

Camping World Holdings, Inc. has acquired All Seasons RV, an RV dealership located at 3300 Colusa Hwy in Yuba City, California. The acquisition expands Camping World's retail footprint in California and brings the company's dealership count to 198 locations.

The Riverside Company has acquired Bishops Cuts/Color, a Portland, Oregon–based franchise haircare provider with more than 40 locations across the United States. Riverside intends to grow Bishops' footprint nationally and use the business as a franchising platform to add additional personal care services brands.

Concentric Equity Partners, the direct investing arm of Financial Investments Corporation, has completed a strategic investment partnership with The Boat House Group to support the dealer’s acquisition-driven growth and operational expansion. The capital and strategic support will help TBHG pursue acquisitions, increase operational efficiency, and expand its multi-store boat dealership and marine services footprint across the Midwest and Florida.

Industry 4.0 Fund, a private equity vehicle of Quadrivio Group, has acquired a majority stake in Twist, an Italian leader in the sale of reconditioned smartphones, tablets and PCs. The founders remain with the business and reinvest, while Quadrivio will support international expansion, IT investment and management strengthening to grow Twist's B2B and B2C channels.

Overstock.com, Inc. acquired certain intellectual property assets of the Bed Bath & Beyond banner from Bed Bath & Beyond, Inc. in a U.S. Bankruptcy Court‑supervised sale for $21.5 million in cash. The purchase (which excludes store leases, inventory, warehousing and logistics) gives Overstock the Bed Bath & Beyond domains, trademarks, customer database and loyalty data and will be integrated into Overstock’s online business and loyalty program to expand its consumer reach and brand presence.

Municipal Emergency Services (MES), a portfolio company of Platte River Equity, acquired U.S. Uniform & Supply, Inc., a regional provider of uniforms, equipment and supplies for emergency service personnel. The transaction, which closed June 16, 2023, is an add-on to MES’s platform to expand its product and service footprint in the Indianapolis market and integrate key personnel from U.S. Uniform & Supply.

Win Beauty Solutions, LLC has acquired the assets and distributor salon consultants of Classic Beauty Supply, a Bolivar, Missouri-based salon distributor. The acquisition expands Win Beauty Solutions' salon distribution territory by four states (Kentucky, Kansas, Missouri and Arkansas), connecting its southeastern operations with the Midwest and increasing its distributor footprint.

TerrAscend Corp. entered into a definitive agreement to acquire Hempaid, LLC (d/b/a Blue Ridge Wellness), a medical dispensary in Parkville, Maryland, for US$6.75 million (including US$3.0 million cash and a seller's note). The acquisition expands TerrAscend's Maryland retail footprint to three dispensaries ahead of the state's adult-use launch on July 1, 2023 and is expected to be immediately accretive to EBITDA and cash flow.

Camping World Holdings, Inc. announced it will acquire multi-location RV dealer Crain RV, which operates locations in Benton, Springdale and Little Rock, Arkansas. The acquisition—expected to close in Q4 2023—will expand Camping World’s footprint in Arkansas and convert the locations into manufacturer-exclusive dealerships after property and facility improvements.

New York City-based Shoppers World, owned by the Dushey family, has acquired discount retailer Forman Mills from its prior owner, helping the chain avoid an expected Chapter 11 filing and preserving store operations and jobs. The undisclosed-price deal will expand Shoppers World's retail footprint and keep all Forman Mills locations open, including Reopening a Philadelphia store previously slated to close.

Brand Velocity Group (BVG) has made a strategic growth equity investment in Jaya Apparel Group, owner of the Cinq à Sept and Likely fashion brands. The capital will be used to expand global distribution, open additional brick-and-mortar stores, and accelerate marketing and e‑commerce growth; founders Jane Siskin and Jalal El Basri remain in management.

2ULaundry, a Charlotte-based laundry and dry cleaning pickup & delivery operator, has acquired Austin-based The Folde to expand its market presence and accelerate its drive to become a nationally recognized laundry brand. The deal follows a $20M Series B strategic investment from Level 5 Capital Partners and strengthens 2ULaundry's footprint across multiple states while adding The Folde's delivery-first operations and team.

A-Mark Precious Metals announced that its wholly-owned subsidiary JM Bullion has acquired certain assets of BullionMax, an established online precious metals dealer. The assets include BullionMax's website, intellectual property, and customer and newsletter subscriber lists; JM Bullion will operate BullionMax as a standalone brand to expand A-Mark's direct-to-consumer portfolio.

Camping World Holdings, Inc. has agreed to acquire Van Boxtel RV in Green Bay, Wisconsin, with the transaction expected to close in the third quarter of 2023. The deal will increase Camping World's Wisconsin locations to seven and adds sales, over 30 service bays, a collision center, seasonal rentals and a parts and accessories store at the Green Bay site.

EarthWise Pet, a Woodinville, Washington–based pet franchise operator, has acquired California-based PET DEPOT, expanding EarthWise's systemwide store count to more than 200 locations. The acquisition brings PET DEPOT's retail stores and complementary veterinary hospitals under the EarthWise Pet banner to broaden franchise offerings and veterinary services.

Camping World Holdings, Inc. announced it will acquire Funtime RV, an Oregon-based dealer operating locations in Tualatin, Sandy and Klamath Falls. The deal is expected to close in Q3 2023 and will expand Camping World's Oregon footprint to nine locations, strengthening its market position in the state.

CULTA, through its subsidiary CULTA Dispensary Group, signed a definitive agreement to acquire two female‑owned Maryland dispensaries: Growing Ventures (d/b/a Greenhouse Wellness) and K&R Holdings (d/b/a Kannavis). The purchases expand CULTA's retail footprint ahead of Maryland's adult‑use legalization and aim to preserve local staff and emphasize product quality and patient experience.

TerrAscend Corp. entered into a definitive agreement to acquire Derby 1, LLC (d/b/a Peninsula Alternative Health), an 8,500 sq ft medical cannabis dispensary in Salisbury, Maryland, for total consideration of US$22.1 million, including US$1.5 million in cash. The acquisition, expected to be immediately accretive to EBITDA and cashflow, expands TerrAscend's retail footprint to 35 dispensaries and positions the company ahead of Maryland's July 1, 2023 adult-use launch.