Thomas H Lee Partners has closed a growth equity investment in Bargain Hunt Superstores (BH), an extreme value retail chain, through a recapitalisation transaction.
Members of the senior management team, including Founder and CEO, Robert Echols Jr, will retain equity stakes in the Company. Terms of the transaction were not disclosed.
THL will support BH’s continued growth and strong momentum by contributing resources and strategic expertise as the Company builds on its proven platform and executes on its strategic growth objectives. BH will draw heavily from THL's extensive retail experience to accelerate new store openings and further extend its leadership in the growing extreme value retail industry. The Company will retain its corporate headquarters in Nashville.
“We are very excited to partner with the THL team as we enter into our next phase of growth,” says Echols. “Our partnership will enable us to accelerate new store openings and enhance operations to continue addressing the growing demand for extreme value retail destinations. We will draw upon THL’s deep retail knowledge and experience as we execute on our vision to be one of the leaders in the extreme value category. I am also pleased that our management team will retain a meaningful stake in the business as we continue to provide our customers with high quality, highly-discounted items.”
“We are thrilled to make an investment in Bargain Hunt in partnership with Robert Echols and the rest of the Company's management team,” says Jeff Swenson, Managing Director of THL. “Bargain Hunt has a very unique business model that allows it to offer unmatched value to both consumers and the sellers of secondary market inventories. As the US consumer continues to seek the lowest cost retail options for essential goods, Bargain Hunt is well positioned to significantly expand its retail footprint. We look forward to working closely with Bargain Hunt’s exceptional management team as it pursues its strategic growth objectives.”
SunTrust acted as exclusive financial advisor and Kirkland and Ellis acted as legal counsel to THL. Financo acted as exclusive financial advisor and Bass, Berry & Sims acted as legal counsel to Bargain Hunt Superstores.
