Retail Acquisitions in Illinois

Private equity firm Ames Watson has completed a $140 million acquisition of Claire’s North American business operations and intellectual property following the retailer’s Chapter 11 filing. The deal preserves a majority of Claire’s mall stores (at least 795, potentially up to 950) and thousands of jobs as Ames Watson aims to revitalize the brand through refreshed merchandising, elevated piercing services, and new store concepts.

Golden Valley, Minnesota-based Ball Pro has acquired Branded Apparel, a 52-year-old Northbrook, Illinois supplier of name-brand golf and corporate apparel. The acquisition adds recognized apparel brands to Ball Pro’s product mix to create a more complete one-stop solution for golf tournaments and related corporate programs; financial terms were not disclosed.

BreakTime Corner Market LLC (BTCM) is acquiring 39 convenience stores operating under the Minit Mart brand in central and northern Illinois from EG America LLC. EG Group said the disposal generated net proceeds of $38 million; BTCM will rebrand the locations to BrakeTime, retain existing team members, and expand its Midwest footprint.

S5 Equity has acquired Heartland America — the owner/operator of the long-running catalog retailer Hammacher Schlemmer — with financing support from Gordon Brothers, which provided a revolving credit facility to back the deal. S5 plans to strengthen customer experience and loyalty while continuing to shift the legacy catalog business toward e-commerce.

Northbrook-based Rmarts LLC acquired two legacy Shell gas stations with convenience stores in Highland Park, Illinois, from longtime operator John Kyle Sr., closing the deal in June. Rmarts plans to rebrand and remodel the stores, upgrade foodservice and coffee programs, overhaul a car wash, and add EV charging as it expands its Chicago-area footprint.

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.

Funds managed by Apollo Global Management have acquired Tony's Fresh Market, a Chicago-area specialty grocery chain operating 18 stores. The founding family will remain involved as managers and minority shareholders while Apollo plans to support growth through go-to-market execution, customer loyalty programs and e-commerce expansion.

Follett Corporation announced the sale of its corporate entity and Follett Higher Education (including the Follett ACCESS business) to a group of private investors led by Jefferson River Capital LLC, a private investment company controlled by the James family. The transaction transfers ownership from the Follett family and shareholders to the investor group, with Emmanuel Kolady named CEO of Follett Higher Education and Ryan Petersen appointed President of FHE; terms were not disclosed.

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.

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.

Ayr Wellness Inc. agreed to acquire 100% of Herbal Remedies Dispensaries, LLC, an operator of two licensed retail cannabis dispensaries in Quincy, Illinois, for total consideration of $30 million (comprised of $10 million in stock, $12 million in seller notes and $8 million in cash). The acquisition adds roughly 50 employees, expands Ayr into its eighth state (Illinois), is expected to close in Q4 2021 and is subject to customary regulatory approvals.

Clayton, Dubilier & Rice (CD&R) has acquired S&S Activewear, investing alongside the company’s current owners and management to support long-term growth. S&S Activewear, headquartered in Bolingbrook, Illinois, is a leading North American wholesaler and distributor of imprintable apparel and accessories with roughly $1.5 billion in sales and more than 2,000 employees.

Rinse, the San Francisco-based on-demand laundry and dry-cleaning service, has acquired Dryv, a Chicago-based dry cleaning and laundry provider, to accelerate its expansion in the Chicago market. The acquisition gives former Dryv customers access to Rinse’s broader service set — including subscription offerings and corporate laundry benefits — and strengthens Rinse’s national footprint.

Blackford Capital, a private equity firm based in Grand Rapids, Michigan, completed an investment to acquire the U.S. brand licensing rights for Cartridge World, a franchised network of printer consumables retailers headquartered in McHenry, Illinois. The U.S. business operates nearly 230 franchised retail store locations; Blackford intends to strengthen supply chain and distribution relationships and support franchisee growth through operational and strategic initiatives.

Enesco, a portfolio company of Balmoral Funds, has completed its acquisition of Things Remembered, the omnichannel personalized gifts retailer. The deal preserves approximately 1,400 jobs and 176 stores; Enesco said the acquisition expands its personalization capabilities and broadens its product offering across online, direct mail, B2B and retail channels.

Levine Leichtman Capital Partners (LLCP) partnered with Club Champion management to acquire Club Champion, a leading U.S. provider of custom golf club fitting services and retail golf equipment. Headquartered in Willowbrook, Illinois, Club Champion operated 47 stores across 25 states at the time of the transaction and will pursue continued store expansion under LLCP's ownership.

First Capital Partners completed a mezzanine and equity investment in Adolph Kiefer & Associates (now operating as Kiefer Aquatics) to support the company's acquisition and merger with The Lifeguard Store. The combined business will operate as Kiefer Aquatics, consolidate operations in Bloomington, Illinois, and continue serving lifeguards, competitive swimmers and aquatics facilities through multiple retail and distribution brands.