Advent Reveals $194 Million Investment In Five Below

Advent International has invested $194 million in Five Below, an extreme value retailer owned by LLR Partners, according to an SEC filing that was uncovered by the sleuths at FormDs.com. In September, Advent announced its investment in Five Below without giving any details.

It’s not clear if LLR has sold any of its stake in Five Below and the company is still listed as an active investment on the LLR web site. LLR, along with Five Below founders David Schlessinger and Tom Vellios, and company management, continue to own a “significant stake” in Five Below, according to Advent’s statement in September.

Denise Meglio, a Five Below spokeswoman, wrote in an email that Advent’s investment was completed. “LLR, as well as other existing investors, will continue to be shareholders in the company,” she said in the message.

LLR, a Philadelphia PE firm, invested $18 million in Five Below in 2005 for a 50% stake, according to press reports. Three years later, LLR and other investors pumped another $17 million into the retailer. Five Below, also of Philadelphia, targets the youth and young adult market with inexpensive items priced from $1 to $5 (like a $5 yoga ball or candy for 99 cents).

It’s not clear if LLR took any dividends since its 2005 investment in Five Below.

Advent has a history of funding retailers. The PE firm in 2008 invested more than $250 million in Quero Quero, a Brazilian retailer, according to Bloomberg News. Advent also bought Dufry, a duty free airport retailer, for $250 million in 2006.  Advent has sold its stakes in lululemon athletica, the yoga apparel company, and Arabela, a Mexican door-to-door beauty retailer.

An Advent spokesman declined comment. Officials for LLR couldn’t be reached for comment.