Boot Barn Holding Corp., a portfolio company of Marwit Capital, has completed its acquisition of 22 retail stores in Arizona, New Mexico and Nevada from BTWW Retail LP. No financial terms were disclosed. The stores will rebrand to Boot Barn after the holiday season.
Marwit Capital Partners II, L.P. (“Marwit”) announced today that Boot Barn Holding Corp. (“Boot Barn” or “the Company”), its western footwear and apparel retailer, has completed the purchase of twenty-two retail stores in Arizona (12), New Mexico (9) and Nevada (1) from BTWW Retail, L.P. (“BTWW”). The 22 store acquisition boosts Boot Barn’s position to the largest player in western themed retail in the Southwestern U.S. and one of the three largest in the country. Boot Barn’s footprint is significantly expanded from 45 to 67 stores, including 38 located in California, 6 in Nevada, 14 in Arizona, and 9 in New Mexico. The 22 new stores will be rebranded to Boot Barn after the holiday season.
“This acquisition expands Boot Barn’s presence into the highly desirable Arizona and New Mexico markets and dramatically broadens the store footprint since we acquired the platform one year ago,” said Chris Britt, Marwit Managing Partner. David Browne, Marwit Principal, adds, “We are pleased to support Boot Barn’s CEO, Pat Meany, President, John Turnbull, and their management team in building an even stronger western-themed specialty retail platform. We have great confidence in the management team and see a great opportunity to build an even stronger leadership position for the Company.”
The western wear market includes western boots, work boots, jeans, outdoor apparel, hats, gifts, belts and accessories and has proven over many years to be stable through a variety of economic cycles. Boot Barn customers include a diverse group from workers seeking quality work wear at a reasonable price, to those seeking affordable, casual, comfortable footwear and apparel and to those seeking traditional western outfits. Boot Barn’s stores and website, bootbarn.com, carry a broad selection of many of the best known and most sought after western brands.
Pat Meany said, “Boot Barn is excited to be expanding our retail footprint in the attractive markets of New Mexico, Arizona and Nevada. If our team had the opportunity to hand pick new retail sites for Boot Barn stores, these 22 stores would virtually be a perfect match. We are looking forward to integrating these 22 stores into the Boot Barn family.”
About Boot Barn
Headquartered in Orange, CA, Boot Barn is the one of the three largest specialty retailers of western and work footwear and apparel in the U.S. and the largest in the Southwest. The Company operates 67 retail stores in California, Nevada, Arizona and New Mexico as well as its online store, www.bootbarn.com.
About Marwit Capital
Marwit (www.marwit.com) is one of the oldest and most experienced private equity firms in the Western U.S. Founded in 1962 and based in Southern California, Marwit invests in lower middle market businesses that are leaders in niche markets. Employing a collaborative operational focus, Marwit targets investments headquartered in the Western U.S. with revenues of $20-200 million, EBITDA of $3-15 million, and enterprise value up to $100 million, at the time of acquisition. Marwit partners with experienced CEOs and management teams to complete buyouts and provide growth capital for expansion investments. Marwit generally invests $10-30 million of equity capital per platform investment, in one or a series of investments. Marwit’s current fund, MCP II, is $183.7 million of committed capital and includes a portfolio of 10 platform companies.