Retail Acquisitions in Maryland

Promise Holdings led an investor group to acquire Beauty4U, a multi-location wig and beauty supply retail chain serving the Washington, D.C. metro area, from the Seok family. Newport LLC and GROW and SELL Advisors acted as exclusive advisors to the sellers; the buyer intends to provide operational support and resources to grow the brand and preserve its specialty retail positioning.

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.

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.

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.

Wynnchurch Capital has made a strategic growth investment in Mattress Warehouse, a leading independent mattress retailer founded in 1989 with over 300 retail locations and headquartered in Frederick, Maryland. Wynnchurch will join the company's board to help accelerate growth (targeting 500+ locations) and enhance Mattress Warehouse's digital and omnichannel capabilities.

An affiliate of investment holding company Ames Watson has acquired Annapolis-based apparel retailer South Moon Under. Ames Watson plans to leverage its retail operating experience to expand South Moon Under's brick-and-mortar footprint and ecommerce business and grow the brand nationally.

JD Sports Fashion Plc agreed to acquire DTLR Villa LLC from private equity owner BRS & Co.; the deal completed on March 17, 2021 for $495 million. DTLR, a lifestyle footwear, apparel and accessories retailer operating 247 stores across 19 U.S. states (about $500M in sales), will continue to be run by co-CEOs Glenn Gaynor and Scott Collins under JD ownership.