NEW INVESTMENT: Private equity firms Leonard Green & Partners and TPG have made an investment for an undisclosed amount in thrift-store chain Savers Inc. to recapitalize the retailer. The transaction, which follows a six-year partnership with investment firm Freeman Spogli & Co., is expected to close in July.
Bellevue, Wash.-based Savers, which focuses on the gently used, resale business model for women’s, men’s and kids’ apparel utilizing a department store format, is expected to exceed 300 stores this year.
This story first appeared in the June 8, 2012 issue of WWD. Subscribe Today.
Thomas Ellison, son of the company’s founder and a 35-year veteran of Savers, will have an equal ownership position to LGP and TPG in the company and will remain chairman. Ken Alterman will continue as president and chief executive officer.