Brentwood Associates sells airport and resort retail group to U.K. firm
Brentwood Associates has sold another of its retail businesses.
The private equity firm said it has entered into a definitive agreement to sell airport and resort retailer The Marshall Retail Group to an affiliate of WH Smith PLC. In November 2018, Brentwood sold lifestyle retailer Sundance Holdings Group to Webster Capital.
MRG currently operates more than 170 stores across the United States, with 70 of those locations inside airports. WH Smith has some 1,600 stores worldwide, with operations in over 100 airports across 30 countries outside of the U.K.
Since Brentwood’s 2014 investment in MRG, the retailer has increased its presence from eight airports to 15 across North America while also growing its resort business.
“Brentwood has been a great partner over the last five years, having supported the company with growth capital and significant resources to facilitate our infrastructure and store expansion strategy,” said MRG and president Michael Wilkins, who will continue to lead the business. “We couldn’t be more excited about our next chapter, aligning forces with WH Smith as we continue to create unique experiences for our guests."
The transaction, whose financial terms were not disclosed, is subject to customary closing conditions, including regulatory approvals, and is expected to close no later than in the first quarter of 2020.