Atlantic Street Capital said Dec. 20 that it has acquired a majority stake in Lori’s Gifts. Financial terms weren’t announced. The Bernick family is the seller. Lori’s Gifts, of Carrollton, Texas, is a retailer of gift shops in hospitals.
STAMFORD, CT, December 20, 2017 – Atlantic Street Capital, a private equity firm targeting entrepreneurial businesses poised for the next level of growth, announced today the acquisition of a majority stake in Lori’s Gifts, the largest multi-unit retailer of gift shops in hospitals, from the Bernick family.
Founded in 1981, Lori’s Gifts is the nation’s leading operator of hospital gift shops with more than 350 shops in hospitals from coast to coast. The company assumes all staffing, buying, accounting and operational responsibilities and offers dynamic merchandise assortments that include elite national brands. It also provides patient gift service for all their locations and same‐day in‐room delivery for personal care items, gifts, flowers, balloons, drinks, snacks, and accessories. Lori’s is based in Carrollton, Texas and houses a corporate staff of 50 in its headquarters and over 1,700 national employees.
Andy Wilkins, Managing Partner at Atlantic Street Capital, said, “We are very pleased to partner with the Bernick family, CEO Kim Schuler, and her management team in the next evolution of the Lori’s growth story. We believe the Lori’s business model can benefit from many of Atlantic Street Capital’s tactical and strategic strengths in managing multi-unit small box specialty retail investments. This, coupled with substantial growth opportunities for new locations, creates an opportunity for us to deliver a significant return for our investors if we can execute.”
Speaking on behalf of the Bernick family, Peter Bernick, said, “Hospitals value Lori’s as a key partner because the high-quality nature of the retail outlets enhances the reputation of a hospital and allows them to outsource gift shop management and focus on their priority of providing patient care. We are very excited that Atlantic Street Capital
will now apply knowledge from their earlier successes growing similar businesses and believe there is a bright future for Lori’s.”
About Atlantic Street Capital
Atlantic Street Capital is a private equity firm that invests in middle market companies with between $4 million and $15 million in EBITDA. The firm invests in fundamentally sound companies that will benefit from capital investment and value-adding strategic and operational initiatives. Atlantic Street Capital’s investment team are hands-on investors who work closely with management to unlock their business’ underlying value and help them succeed. The firm is currently making investments in Atlantic Street Capital III, LP. For more information, visit www.atlanticstreetcapital.com.