ICV Partners Announces Completion of $95.5 Million Dividend Recapitalization of Marshall Retail Group

NEW YORK, Oct. 19, 2011 /PRNewswire/ -- ICV Partners (ICV), a private investment firm focused on investments in smaller middle market companies, announced today that it has completed a dividend recapitalization of Marshall Retail Group, the leading independent operator of specialty retail stores in the casino resort marketplace.  The proceeds from the transaction were used to refinance the company's existing debt while also allowing for a one-time dividend to shareholders. The recapitalization was funded through a credit facility underwritten by Golub Capital, Inc.

The dividend returns approximately 53% of capital invested by majority shareholder ICV Partners, which acquired Marshall Retail Group in 2008. ICV Partners and its management partners benefited from the impressive financial performance delivered by the company since the acquisition as a result of the successful implementation of strategic and operational initiatives.

"Marshall Retail Group has achieved dynamic growth over the past several years and has successfully weathered the economic downturn," said Cory D. Mims, a Managing Director of ICV Partners.  "When we reacquired Marshall Retail Group in September 2008 we were confident we could achieve additional growth.  In spite of the economic headwinds, the company's growth has been strong, driven by an exceptional management team led by Michael Wilkins. Marshall Retail Group today is very well positioned to continue its growth in resort and other tourist locations and this new financing provides a strong financial platform and added flexibility."

Willie E. Woods, President of ICV Partners, said, "In the process of building a strong business in the retail sector we are pleased to return capital to our investors in this difficult economic environment.  We want to thank the team at Golub who did great work to get this refinancing completed in tough credit markets for dividend recapitalizations."

ICV Partners made two investments earlier this year, acquiring Cargo Airport Services, a leading provider of innovative cargo handling solutions, and; Stauber Performance Ingredients, Inc., a value-added distributor of nutraceutical ingredients to the dietary supplement industry.

About Marshall Retail Group

Marshall Retail Group is America's largest independent specialty retailer in the casino-resort marketplace. For over fifty years, MRG has been providing resorts and casinos with a portfolio of stores catering to hotel guests, visitors and local residents. The company operates more than 90 stores in major casino-hotels in Las Vegas and Laughlin, Nevada; Tunica, Mississippi; Fort Lauderdale, Florida; Pennsylvania; and Atlantic City.

About ICV Partners

Founded in 1998, ICV Partners is a leading private investment firm that supports management leaders of strong companies at the lower end of the middle market. With over $440 million in capital under management, the principals of ICV have crafted a strong track record of helping companies improve performance over the long term, investing more than $275 million in 13 platform companies across a variety of industries.  ICV seeks to make control investments in market leading businesses with $25 million to $250 million in revenue.

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SOURCE ICV Partners