Atlantic Street Capital has acquired a majority stake in Lori’s Gifts, the largest multi-unit retailer of gift shops in hospitals, from the Bernick family.
Founded in 1981, Lori’s Gifts is the nation’s leading operator of hospital gift shops with more than 350 shops in hospitals from coast to coast. The company assumes all staffing, buying, accounting and operational responsibilities and offers dynamic merchandise assortments that include elite national brands. It also provides patient gift service for all their locations and same‐day in‐room delivery for personal care items, gifts, flowers, balloons, drinks, snacks, and accessories. Lori’s is based in Carrollton, Texas and houses a corporate staff of 50 in its headquarters and over 1,700 national employees.
Andy Wilkins, Managing Partner at Atlantic Street Capital, says: “We are very pleased to partner with the Bernick family, CEO Kim Schuler, and her management team in the next evolution of the Lori’s growth story. We believe the Lori’s business model can benefit from many of Atlantic Street Capital’s tactical and strategic strengths in managing multi-unit small box specialty retail investments. This, coupled with substantial growth opportunities for new locations, creates an opportunity for us to deliver a significant return for our investors if we can execute.”
Speaking on behalf of the Bernick family, Peter Bernick, says: “Hospitals value Lori’s as a key partner because the high-quality nature of the retail outlets enhances the reputation of a hospital and allows them to outsource gift shop management and focus on their priority of providing patient care. We are very excited that Atlantic Street Capital will now apply knowledge from their earlier successes growing similar businesses and believe there is a bright future for Lori’s.”
