Los Angeles-based private equity firm Kingswood Capital Management, LP Tuesday announced it has completed its acquisition of Cost Plus World Market, a subsidiary of Bed Bath & Beyond Inc. 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 has approximately 245 stores.
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.
The deal was first reached in December for an undisclosed sum. “We’ve taken deliberate steps throughout the year to streamline our portfolio and fortify our strategic focus in home, baby, and beauty and wellness, and today’s announcement represents the conclusion of this work,” Mark Tritton, Bed Bath & Beyond CEO, said in a prepared statement at the time..
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 was the Chief Executive Officer of Pier 1 Imports from 2007 to 2016 and has 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.
“I have been a fan of World Market for many years,” Smith said in Tuesday’s announcement. “The company’s combination of consumables, home furnishing, and décor give it a unique niche in very large addressable markets. I’m looking forward to working with the team to extend the brand’s reach and expand market share.”