Retail Acquisitions in Colorado

ABC Fine Wine & Spirits, a Florida-based family-owned retailer, has acquired Applejack Wine & Spirits, a Colorado-based wine and spirits retailer with three stores. The acquisition is ABC's first out-of-state move in its 90-year history and initiates the company's national expansion while preserving Applejack's brand and local 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.

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.

GENDA Inc., through its U.S. subsidiary Kiddleton, has signed a definitive agreement to acquire all equity interests of National Entertainment Network, LLC (NEN). The acquisition expands GENDA’s U.S. mini-location footprint, integrates NEN’s 8,000-location network and Grand Prairie manufacturing facility with Kiddleton’s higher-sales mini-location operations, and supports GENDA’s U.S. roll-up strategy to grow profit contributions.

Nation's Best Holdings, LLC has acquired Gambles Hardware, a long-standing independent hardware store in Hotchkiss, Colorado. The store — founded in 1942 and occupying roughly 7,000 square feet — will continue to operate under the Gambles Hardware name with existing management while Nation's Best provides strategic and financial support as it expands its national footprint.

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.

Schwazze (Medicine Man Technologies, Inc.) signed definitive agreements to acquire certain assets of Standing Akimbo LLC, including the medical cannabis dispensary at 3801 Jason Street in Denver, Colorado, for total consideration of US$10,540,000 (US$1,000,000 cash, US$5,540,000 common stock and US$4,000,000 deferred cash). The transaction, expected to close in Q3 2023 pending Colorado Marijuana Enforcement Division and local approvals, expands Schwazze’s Colorado retail footprint and consumer base and will bring its operating Colorado dispensaries to 26 upon close.

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.

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.

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.

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.

Item 9 Labs Corp. (OTCQX: INLB) signed an Asset Purchase Agreement to acquire The Herbal Cure, a Denver-based medicinal and recreational cannabis dispensary and cultivator. The acquisition — which includes a 5,000 sq ft facility with 3,500 sq ft of retail/corporate space and a separate 3,000 sq ft cultivation area — will be converted to Item 9’s Unity Rd. dispensary brand pending regulatory approvals; The Herbal Cure reported $5.4 million in 2021 revenue.

PharmaCann Inc. has completed its previously announced acquisition of LivWell Holdings, Inc., combining the two vertically integrated cannabis operators into a platform with over 50 dispensaries and 10 cultivation/production facilities across eight U.S. states. The transaction expands PharmaCann's presence into Colorado and Michigan; LivWell founder and CEO John Lord will join the PharmaCann board.

Pet Supplies Plus, a subsidiary of Franchise Group, announced the acquisition of Wag N' Wash, a natural pet food, self-wash, and grooming franchise with more than 15 locations. Wag N' Wash founders will remain for a minimum of two years and the brands will continue to operate separately while Wag N' Wash gains access to Pet Supplies Plus's supply chain, fulfillment and expansion resources.

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.

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.

Curaleaf Holdings agreed to acquire Los Sueños Farms, a large outdoor cannabis cultivation operator in Pueblo, Colorado, including 66 acres of outdoor cultivation, an 1,800-plant indoor grow and two retail dispensaries. The approximately $67 million deal (mix of stock, cash and assumed debt, plus contingent stock consideration) expands Curaleaf’s low‑cost cultivation capacity and vertically integrates its Colorado operations to support wholesale and Select-branded product distribution.

Los Angeles-based private equity firm Brentwood Associates acquired majority control of Watermill Express, the national operator and franchisor of drive-up water and ice refill stations. Founders Lani and Don Dolifka retain a significant minority stake; Brentwood intends to support expansion of the company's footprint and mission, and a multimillion-dollar charitable fund will be established to support underserved communities.

SPUR Acquisitions has acquired Piranha Brands, a leading U.S. supplier of medical apparel and operator of multiple scrubs-focused e-commerce brands, from Piranha's founders/co-owners. The transaction was advised by The Forbes M+A Group; SPUR said the acquisition will support new leadership and future growth under Rob Mossman.

SnapAV, through its Volutone local Pro Store business unit, has acquired HCA Distributing, adding the company's Denver and Salt Lake City locations to SnapAV's growing local distribution footprint. The acquisition expands SnapAV/Volutone's same-day product availability and strengthens its presence in two key mountain‑west markets.

GrowGeneration Corp. acquired Grow Warehouse, a four-store hydroponic and organic garden center chain operating in Colorado and Oklahoma. The deal adds roughly 35,000 square feet, a team of 50+ cultivation professionals and about $20 million in annual revenue, bringing GrowGeneration's store count to 46 and expanding its Colorado and Oklahoma footprint.

Main Street Capital Corporation invested $51.7 million to facilitate a minority recapitalization of Bolder Panther Group, LLC (doing business as Smoker Friendly). The financing package included first‑lien senior secured term debt, a preferred equity investment, a revolving credit facility and a delayed‑draw term loan to support working capital and the company’s acquisition growth strategy. Smoker Friendly operates over 160 retail locations across seven states and sells a private‑label tobacco line through an additional 700+ stores.

EG Group has entered into a binding agreement to acquire Schrader Oil, a family-owned operator of 18 convenience retail stores and fuel stations in Northern Colorado. The acquisition expands EG Group's U.S. network (Loaf 'N Jug) and will see Schrader sites rebranded to Loaf 'N Jug; the transaction is expected to close by end of 2020 subject to regulatory approvals.

RV Retailer, LLC has acquired Cousins RV, adding three retail locations in Denver, Colorado Springs and Loveland and marking RV Retailer's entry into the Colorado market. The deal, supported by RV Retailer's capital partner Redwood Capital Investments, expands RV Retailer's multi-location footprint and provides a platform for further growth in the western U.S.

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.

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.

Camping World Holdings Inc. has agreed to acquire Ketelsen Campers of Colorado, a Wheat Ridge-based RV dealership, as part of its new “side by side” strategy to add dealerships in existing markets. The deal is intended to grow Camping World’s market share and distribution points in Colorado while Ketelsen Campers will continue operating under its legacy name.