ICV buys US retailer Marshall for a second time

The private investment firm has bought the 70-store retail company, which includes souvenir and Harley Davidson stores, after previously acquiring the company just five years ago. The New York-based firm sold the company three years ago to private equity firm Bruckmann, Rosser, Sherill & Co.

ICV Capital Partners has acquired retailer Marshall Retail Group for a second time in just five years.

The New York-based private investment firm said it bought the retail company, which operates 70 stores in 25 casinos and locations in Las Vegas, Atlantic City, Fort Lauderdale, Pennsylvania and Mississippi for an undisclosed sum, only three years after selling it to private equity firm Bruckmann, Rosser, Sherill & Co.  Five years ago, ICV bought the company from the Marshall family.

In a statement yesterday, Willie Woods, co-founder and managing director of ICV, said the firm had maintained a minority stake in Marshall following the sale. He added that ICV’s former knowledge of the retailer would help grow the business further.

During its original investment period, ICV helped Marshall’s upgrade its IT system, improve the

Harley Davidson store

management team and expand the retailer’s footprint, from around 50 to 70 stores, according to the firm’s website. That investment was made through the firm’s first fund. The current Marshall deal is being made through ICV’s second fund, the $313 million (€221 million) ICV II vehicle.

Marshall sells logo, souvenir, sundry and apparel products, including Harley Davidson-licensed products in casinos and other stores including Caesars Palace, the MGM Grand and the Venetian in Las Vegas and the Borgata in Atlantic City.

Las Vegas casinos have experienced a steady decline in gambling revenue this year as US consumers struggle with high gasoline prices and the rising cost of air travel. In August Boyd Gaming, one of the oldest and most respected Las Vegas gambling companies, said financing problems had caused it to suspend construction of a $4.8 billion resort complex on the Las Vegas Strip.

Michael Wilkins, chief executive officer of Marshall’s, said emerging markets within Las Vegas, such as Poconos and the Midwest, were creating “avenues for growth in new venues”.