Beach Point-Backed Brightmore Brands Acquires Texas Thrift

Transaction creates largest privately-held thrift business in North America

SCOTTSDALE, Ariz., Sept. 10, 2024 /PRNewswire/ -- Brightmore Brands ("Brightmore" or the "Company"), a Beach Point Capital Management LP ("Beach Point") portfolio company, has acquired Texas Thrift, a portfolio of 17 thrift stores in Texas, from Brook Valley Management ("Brook Valley"). Pro forma for the transaction, Brightmore Brands now operates 37 stores across New York, New Jersey, Texas, California and Minnesota, representing the largest privately-held for-profit thrift store chain in North America. Beach Point and other investors provided additional equity to Brightmore in support of the acquisition. Terms of the transaction were not disclosed.

Evan Klebe, Managing Director at Beach Point, said: "The acquisition of Texas Thrift establishes Brightmore as the most active consolidator and fastest growing platform in the industry. Following our acquisition last year of a store in Houston and our soon to open Fort Worth store, Texas Thrift accelerates Brightmore's expansion into Texas, which boasts attractive demographic trends. We are proud of our partnership with the Brightmore team and look forward to further expanding the platform."

Dave Kloeber, Chief Executive Officer and Chairman of Brightmore, said: "Texas Thrift has achieved impressive growth over recent years, driven by its caring and hard-working employees. We are excited to partner with them to continue providing an attractive value proposition to our customers and supporting so many worthwhile charity organizations."

Greg Giles, Chief Executive Officer of Brook Valley Management, added "We have long admired Brightmore Brands and Dave's family history founding the thrift industry. We view Brightmore as the ideal steward to look after our employees and charity partners for years to come and are excited to partner as go-forward shareholders in the combined businesses."

Founders Advisors served as exclusive financial advisor to Brook Valley in connection with the transaction.

About Brightmore Brands
Brightmore Brands was formed in 2022 through the combination of myUnique and EcoThrift. Brightmore is a proud partner of many charity organizations across the country supporting veterans, those struggling with chronic illnesses and disadvantaged groups. The Company processes over 60 million pounds of used clothing each year, redirecting textiles and other goods for reuse that would otherwise be destined for a landfill. The Company operates 37 stores across Texas, New York, New Jersey, California and Minnesota. For more information, visit www.brightmorebrands.com.

About Beach Point
Beach Point is a multi-strategy investment manager making private equity, credit, real estate and structured product investments. As of June 30, 2024, Beach Point manages approximately $17 billion in AUM on behalf of a predominantly institutional client base.  Headquartered in Santa Monica, CA, Beach Point also has offices in New York, London, and Dublin.  Beach Point Private Equity leverages Beach Point's industry experience, network and shared resources to be a value-added partner for its private equity portfolio companies.  Beach Point Private Equity seeks investments with capital requirements of $15 million - $150 million.

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SOURCE Beach Point Capital Management