LOS ANGELES, Jan. 19, 2021 /PRNewswire/ -- Kingswood Capital Management, LP (together with its affiliates, "Kingswood") announced today that it has completed its acquisition of Cost Plus World Market ("World Market" or the "Company"), a national specialty retailer of home products sourced from around the world. Prior to the acquisition, World Market was a subsidiary of Bed Bath & Beyond Inc. (NASDAQ: BBBY).
Headquartered in Alameda, California, Cost Plus World Market is a national specialty retailer of home furniture, décor, curtains, rugs, gifts, apparel, coffee, wine, craft beer, and food products. It searches the world for unique artisan goods and handicrafts, international food favorites and design inspiration for its furniture and home décor. World Market focuses on value and affordability so that its products are accessible to anyone who wants to make their home and their special occasions unique to them. World Market sells through a network of approximately 245 stores and through its e-commerce site at www.worldmarket.com.
In connection with the transaction, Alexander W. Smith will join World Market's senior management team and formally lead the Company as its Executive Chairman. Alex is an accomplished retail executive with expertise in the home and décor categories. He was Chief Executive Officer of Pier 1 Imports from 2007 to 2016 where he led a transformational turnaround of that retailer which specialized in imported home furnishings. From 1995 until 2007, Alex held various senior management positions within TJX Companies, Inc., including Group President and Chairman of the HomeGoods division. Most recently, Alex served as Executive Chairman of Vitamin Shoppe, where he oversaw a successful sale of the business.
"I have been a fan of World Market for many years. The company's combination of consumables, home furnishing, and décor give it a unique niche in very large addressable markets," said Alex Smith. "I'm looking forward to working with the team to extend the brand's reach and expand market share."
"We are excited to begin our partnership with World Market. As an independent company, decision-making will be more closely aligned with the needs of the business and its dedicated associates. We look forward to working with Alex Smith and the World Market team to continue to source unique products from around the world that delight customers," said Michael Niegsch, a Partner of Kingswood.
Wells Fargo Bank, Bank of America, and Callodine Commercial Finance provided debt financing for the acquisition and the go forward working capital needs of the Company. Goodwin Procter served as legal advisor to Kingswood.
About Kingswood Capital Management, LP
Kingswood Capital Management, LP is a private investment firm primarily focused on investing in businesses in transition. In addition to access to capital, Kingswood brings relevant industry relationships and a broad network of internal and external operating resources that can strengthen the businesses it partners with and enhance value. Kingswood has extensive experience with complex transactions where it provides tailored solutions that ensure the best outcome for all constituents. For more information, please refer to the Kingswood website at www.kingswood-capital.com.
SOURCE Kingswood Capital Management, LP