New York -- Private equity firm Madison Dearborn Partners has purchased Things Remembered from Bruckmann, Rosser, Sherrill & Co. (BRS) and GB Merchant Partners for $295 million.
“GBMP and BRS were excellent partners, providing valuable strategic guidance and capital support throughout the investment period,” said Michael Anthony, CEO of Things Remembered, Highland Heights, Ohio, which operates 640 stores in the United States and Canada. “We now look forward to working with Madison Dearborn and benefitting from its expertise, as we remain focused on supporting our customers with the highest service and quality.”
BRS and GBMP jointly acquired Things Remembered, which specializes in personalized gifts, in 2006 from Luxottica Group S.p.A.
“Things Remembered is a truly differentiated retailer with a number of attractive growth opportunities through its stores and its direct commerce channel,”” said Rob Selati, a managing director of Madison Dearborn Partners.
Regarding the successful exit of their investment, GBMP Partner, Jamie Dworkin, said: “This was an extremely complicated transaction. It involved a carve-out from a large corporate parent, and the re-positioning and re-merchandising of a 50 year old, specialty retailer. Michael Anthony and his team accomplished all of that in the face of the recession with the assistance of a strong board and a patient lending group.”