Kitchen Products, Food & Specialty Housewares Retailer Seeks Acquiror

North East

Kitchen Products, Food & Specialty Housewares Retailer Seeks Acquiror
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Kitchen Products, Food & Specialty Housewares Retailer Seeks Acquiror

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Business Description

Founded in 1999, the Company manages a chain of six
retail locations with $23M in 2018 store revenue and
$2.1M in store-level EBITDA contribution. The locations
are well positioned in high-traffic retail areas on the east
coast of the United States. The Company is comprised
of three unique, but complimentary, retail concepts.
Each of the six locations boasts positive store-level
EBITDA and strong unit-level economics. The chain
maintains healthy Gross Margins over 40% in the retail
locations.
The company acquired its 45,000 sq. ft. flagship location
and concept in 2016. The flagship has been a staple
of the local community since 1975. This location is
projected to generate approximately $9M of revenue
and over $1M of EBITDA from its retail operations in
2019. The flagship also currently operates a restaurant
with $1.4M in revenue that has breakeven EBITDA.
Ownership believes that the flagship concept is scalable,
supported by an established customer base in the
Southeastern United States.
The Company’s other concepts have a retail footprint
ranging between 13,000 sq.ft.-25,000 sq. ft., with
attractive sales per sq. ft. ranging from $119 to $243.
Some departments across the chain exceed $800/sq.ft.
Key merchandise categories in all of the locations
include cooking tools, specialty housewares, food,
cookware, electrics and tabletop / glassware. Three of
the locations offer a sophisticated collection of craft
beer and wine. Unit economics suggest that the chain
delivers 20 – 25% cash on cash returns on new store
investments.
CURRENT SITUATION
After 20 years of family
ownership, the Company
is seeking the sale of the
entire portfolio of retail
units. Qualified investors
may evaluate the purchase of all, or some of the retail
concepts and restaurant operation. Three Twenty-One
Capital Partners is running a sale process to find an
acquiror. Sale timing can be accelerated in order for
the acquirer to gain the benefit of the seasonal revenue
swing.
FOR MORE INFORMATION
Please visit our website to view and download the entire Summary and Confidentiality Agreement from the Active Engagements page under the Transactions section.

Attached Documents


Detailed Information

Business Website:
http://321capital.com
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Erv Terwilliger

Business Listed By:
Erv Terwilliger

Three Twenty-One Capital Partners

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