WWD.com/fashion-news/fashion-scoops/new-investment-5951010
fashion-scoops
fashion-scoops

Thrift-Store Chain Savers Lands Investors

Private equity firms Leonard Green & Partners and TPG have made an investment for an undisclosed amount in the Bellevue, Wash.-based retailer.

NEW INVESTMENT: Private equity firms Leonard Green & Partners and TPG have made an investment for an undisclosed amount in thrift-store chain Savers Inc. to recapitalize the retailer. The transaction, which follows a six-year partnership with investment firm Freeman Spogli & Co., is expected to close in July.


Bellevue, Wash.-based Savers, which focuses on the gently used, resale business model for women’s, men’s and kids’ apparel utilizing a department store format, is expected to exceed 300 stores this year.


Thomas Ellison, son of the company’s founder and a 35-year veteran of Savers, will have an equal ownership position to LGP and TPG in the company and will remain chairman. Ken Alterman will continue as president and chief executive officer.