Retail Acquisitions in Michigan

Alliance Mobile Inc., a portfolio company of Centre Partners Management, acquired 33 Master Wireless retail stores located in Michigan and Wisconsin. Greenwich Capital Group advised Master Wireless on the sale — the deal expands Alliance Mobile's AT&T-authorized retail footprint in the Midwest.

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.

Continuum Ventures, the investment arm of the Doug and Maria DeVos family, has acquired a majority stake in Action Water Sports, a four-location premium boat dealership headquartered in Hudsonville, Michigan. Founder Jerry Brouwer will remain as a partner and president as Continuum integrates Action into its growing marine platform to expand its dealer, service, and marina footprint.

SpartanNash has acquired Shop-N-Save Food Centers, a three-store grocery chain in northwestern Michigan, converting the Benzonia, Fremont and Ludington locations to its Family Fare banner and retaining employment for all associates. Shop-N-Save, founded by William "Bill" DeVries and a SpartanNash distribution customer for nearly 25 years, will expand SpartanNash's Family Fare footprint across the Midwest.

Centre Partners completed a recapitalization investment in Midwest Mobility Solutions (MMS), a Troy, Michigan–based AT&T National Authorized Retailer operating more than 85 stores across seven states. Co-founders Matt Sharrak and Nash Khami remain significant owners and will continue to lead the business; Centre Partners said the investment will support MMS’s growth plans, including geographic expansion and entry into adjacent markets. Financial terms were not disclosed.

GrowGeneration Corp. signed an asset purchase agreement to acquire HGS Hydro, the third-largest chain of hydroponic garden centers in the U.S., adding six existing Michigan stores (with a seventh opening soon). The acquisition will increase GrowGeneration's Michigan footprint and bring its total store count to 65, and is expected to close before GrowGeneration's fiscal year-end 2021.

Continuum Ventures, the investment management company for Doug and Maria DeVos, has acquired a majority ownership stake in Walstrom Marine as part of the company's long-term succession plan. Colony Marine and the James Mestdagh family took minority stakes, while the Ward Walstrom family remains a minority owner and Tom Ervin continues as President. The investment aims to support growth and preserve Walstrom’s family-run full-service boating operations across Northern Michigan.

GrowGeneration Corp. (NASDAQ: GRWG) has acquired Downriver Hydroponics, a Michigan-based indoor garden supply center in Wayne County with annual revenues approaching $10 million. Owner Scott Brownlie and his team will remain with GrowGen to operate the location as the company expands its Michigan footprint and retail network.

Camping World Holdings, Inc. has signed an agreement to acquire multi-location Hilltop RV Superstore, adding dealerships in Escanaba and Ishpeming, Michigan. The acquisition expands Camping World's retail footprint into Michigan's Upper Peninsula and is expected to close in May 2021.

Franchise Group, Inc. acquired Pet Supplies Plus from Sentinel Capital Partners in a transaction valued at $700 million, closing in March 2021. Pet Supplies Plus, headquartered in Livonia, Michigan, is a leading franchisor and operator of neighborhood-format pet specialty stores with a footprint of 562 stores across 36 states at closing.

Gemspring Capital led a recapitalization of Wireless Vision, the largest independent T-Mobile retailer, partnering with CEO Saber Ammori, President Mark Denha and other members of management. Goldman Sachs Lending Partners, Bardin Hill Investment Partners and Falcon Investment Advisors provided financing to support the transaction as Gemspring and management pursue further growth across the company's nationwide retail footprint.

GrowGeneration Corp. (NASDAQ: GRWG) acquired Big Green Tomato, a two-store hydroponic and garden supply chain operating in Battle Creek and Taylor, Michigan. The deal adds two retail locations (including purchase of a 10,000 sq ft Battle Creek property), strengthens GrowGeneration's presence in Michigan and expands its footprint in the commercial and recreational cannabis cultivation end market.

Red White & Bloom Brands Inc. announced it has exercised its option to acquire 100% of PharmaCo, Inc. through its wholly owned subsidiary MichiCann Medical Inc., issuing up to 37 million units as consideration subject to regulatory approvals. The move gives Red White & Bloom a direct entry and a significant retail footprint in the Michigan cannabis market as part of the company's multi-state expansion strategy.

GrowGeneration Corp. purchased substantially all assets of H2O Hydroponics, LLC to open a new 15,000 sq. ft. super hydroponic garden center in Lansing, Michigan that will operate as a retail/commercial location and fulfillment center. The acquisition expands GrowGeneration’s Michigan footprint and supply-chain capabilities; management expects the consolidated Lansing location to generate over $7.0 million in sales (H2O reported ~ $4.0 million in 2019).

Investment funds managed by Morgan Stanley Capital Partners completed a majority investment in Impact Fitness, a Planet Fitness franchisee operating 29 clubs across the United States and Canada. MSCP partnered with Impact's management team led by CEO Adam Willaeys, acquiring the company from Bain Capital Double Impact and Bridges Fund Management to support further growth and expansion of the franchise footprint.