Retail Acquisitions in Florida

Los Angeles-based private equity firm Skyline Investors has acquired Buddy's Home Furnishings, the third-largest rent-to-own franchisor in the U.S., which operates more than 220 locations across 18 states and Guam. The deal was structured alongside Standard Communities principals Jeffrey Jaeger and Scott Alter to provide flexible capital and operational support to strengthen franchise health, drive growth, and invest in long-term value creation.

Atlas Holdings has completed an all-cash acquisition of The ODP Corporation (ODP) for approximately $1 billion, taking the company private. Atlas named Craig Gunckel as CEO to lead ODP’s ~16,000 employees and said the move will allow ODP to refocus on its retail (Office Depot/OfficeMax) and B2B distribution businesses as a private, more agile company.

SiteOne Landscape Supply, Inc. (NYSE: SITE) acquired CC Landscaping Warehouse Plus, a wholesale distributor of nursery products, bulk materials and landscape supplies in Bradenton, Florida. The acquisition expands SiteOne’s footprint in the Bradenton market and will allow the company to broaden product offerings and better serve local landscape professionals.

Marine Supply of Winter Haven, a longstanding local marine supply retailer, was acquired by a group of local investors led by John Saterbo, Tom Kersting, and Jeff Donalson of Thomas Capital. The sellers, founders Richard Emry and Tricia Gurr, are exiting as they approach retirement; the new owners plan to preserve operations, retain staff, and invest in the property's amenities and lakeside experience.

American Exchange Group (AXNY Group) has acquired VENUS, the Jacksonville, Florida–headquartered women's fashion brand known for swimwear and apparel. VENUS will continue operating from its Florida headquarters while joining AXNY's portfolio, with plans to streamline collections, expand digital growth, and pursue new retail partnerships.

Vision Marine Technologies (NASDAQ: VMAR) acquired Nautical Ventures Group, a Florida-based recreational boat dealership, marina, and service provider operating nine retail locations. The acquisition gives Vision Marine direct retail and service distribution for its E-Motion high-voltage electric propulsion systems and expands the company's direct-to-consumer sales, installation, and aftermarket service capabilities.

In The Shade, Inc., a custom window treatment and home furnishings retailer founded in 1987 by Jan Dean and serving Martin, St. Lucie and Palm Beach counties, was acquired by two individual buyers (two families with real estate backgrounds). The transaction, marketed and facilitated by Viking Mergers & Acquisitions, was structured to preserve the company’s family-oriented culture and ensure continuity for employees and customers.

Iconix International Inc., together with liquidator Hilco Consumer-Retail Group, completed the purchase of the Salt Life apparel brand from Chapter 11 debtor Delta Apparel Inc. for $38.74 million. The new owners will close Salt Life's 28 retail stores and transition the brand to a wholesale and e-commerce licensing model while appointing Thread Collective as a licensee for men's and women's apparel.

El Car Wash has acquired two Florida car wash locations: Sweetwater Car Wash Dr. Phillips in Orlando and Suncoast Express Car Wash in Fort Myers. The deals expand El Car Wash's footprint in Central and Southwest Florida as add-on acquisitions to its PE-backed platform following a 2022 recapitalization with Warburg Pincus.

MarineMax, Inc. (NYSE: HZO) has completed the acquisition of Williams Tenders USA, the U.S. distributor and retailer for Williams Jet Tenders. The deal expands MarineMax's luxury tender offerings and dealer footprint across the United States and the Caribbean and is expected to be accretive in its first full year of operations.

Sycamore Partners, a New York-based private equity firm, completed the take-private acquisition of Chico's FAS, Inc. for $7.60 per share in an all-cash transaction valued at approximately $1 billion. The deal takes Chico's FAS, owner of the Chico's, White House Black Market and Soma brands, off the NYSE and positions Sycamore to pursue operational improvements and growth across the company's omnichannel retail footprint.

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.

Exaltare Capital Management, a Boston-based private equity firm, acquired UKW Holding Company (Uni K Wax), a franchisor and operator of waxing studios headquartered in Aventura, Florida. Capitala Group provided debt and equity financing for the transaction; Heather Elrod joined as Executive Chair and founder Noemi Grupenmager remains a significant shareholder as the company pursues franchise system expansion.

Mavis Tire Express Services Corp. agreed to acquire TBC Corporation's company-owned retail portfolio, comprising 392 NTB Tire & Service Centers and 203 Tire Kingdom Service Centers, expanding Mavis's retail footprint. The deal allows TBC to focus on its wholesale, distribution and franchise businesses while Mavis accelerates its growth and geographic expansion across the Midwest, mid-Atlantic, Florida and Texas; financial terms were not disclosed.

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.

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.

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.

The Aaron's Company, Inc. agreed to acquire BrandsMart U.S.A. (Interbond Corporation of America) from the Perlman family for approximately $230 million in cash. The acquisition, expected to close in Q2 2022, expands Aaron's retail footprint and e-commerce assortment while enabling Aaron's to offer in-house lease-to-own solutions to BrandsMart customers and drive revenue and EBITDA growth.

Foot Solutions, an Alpharetta, Georgia-based specialty footwear and custom orthotics retailer, has acquired Florida-based Happy Feet Plus. The deal — terms not disclosed — expands Foot Solutions' retail footprint in Florida, adds experienced retail talent and product-innovation capability, and continues the company's growth following its 2020 investor-backed ownership change.

Generational Equity advised Tampa T-Shirts, a Tampa-based apparel decorating and branded merchandise firm, on its sale to a private investor. The transaction closed January 20, 2022; Tampa T-Shirts provides custom screen-printing and embroidery to local industries including retail, construction, education, government and restaurants.

RumbleOn, Inc. (NASDAQ: RMBL) has completed the acquisition of a Jacksonville-based powersports retail location (Beach Blvd Motorsports), adding multiple manufacturer product lines including Yamaha, Suzuki, KTM, CFMoto, Zero Electric Motorcycles, Ranger and Tidewater boats. The acquisition expands RumbleOn's physical footprint in Jacksonville, strengthening its omnichannel offering and retail presence as part of its growth strategy.

Marine Connection acquired an 80% majority interest in Boaters Exchange, a 20-year retail boat dealership operating two Central Florida locations (Rockledge and New Smyrna Beach). The founders and former partners Jerry Butz and Paul Berube retain a combined 20% and remain in management; Boaters Exchange operates with approximately $30M in sales and 42 employees, and the deal expands Marine Connection to nine Florida locations and $100M+ in sales.

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.

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.

OneWater Marine Inc. agreed to acquire the assets of Naples Boat Mart, a third-generation, family-owned boat dealer, to expand its presence on Florida's West Coast and enhance its new and pre-owned boat sales, service, storage and finance & insurance offerings. The transaction, expected to close in Q4 2021, brings Naples Boat Mart's factory-trained technicians, rigging shop and mobile service units into the OneWater platform.

L Catterton has entered into a definitive agreement to acquire a controlling interest in West Marine from Monomoy Capital Partners; terms were not disclosed and the transaction was expected to close in May/second quarter 2021. West Marine is the leading omni-channel marine aftermarket retailer with 237 stores across 38 states and Puerto Rico and two eCommerce platforms; L Catterton plans to accelerate the company’s omni-channel, digital and consumer engagement capabilities.

OneWater Marine Inc. completed the acquisition of Roscioli Yachting Center, a full-service marina and yachting facility in Fort Lauderdale, Florida. The deal expands OneWater's presence in the yacht category and strengthens its service and repair capabilities to support further growth.

OneWater Marine Inc. completed the acquisition of Walker Marine Group, a five-location boat dealership group in southwest Florida, marking OneWater's largest acquisition to date. The deal expands OneWater's presence in Florida and adds a dealer with over $80 million in trailing twelve-month revenue and established service, parts, and F&I capabilities.

OneWater Marine Inc. completed the acquisition of substantially all assets of Tom George Yacht Group, adding two locations that deepen the company's presence on Florida's west coast (Clearwater and Dunedin). Tom George Yacht Group, an authorized dealer and full-service yacht brokerage and service provider with over $30 million of trailing-12-month revenue, will join OneWater's network to expand new and pre-owned boat sales, brokerage, and service & parts offerings.

GrowGeneration Corp. purchased the assets of Florida-based Healthy Harvest, adding approximately $12.0 million in annual revenue and a 15,000+ sq. ft. warehouse/retail location. The Healthy Harvest owners will remain with the business as Director of Southeast Region and Director of Latin American Markets, extending GrowGeneration's footprint into Florida, Puerto Rico, the Caribbean and South America.

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.

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.