CPE News (5/6/2021) – Blackstreet Capital Holdings, LLC through an affiliate has acquired Red Apple Stores Inc. for US $14.9 million.
Led by CEO Clinton Wolff, Red Apple is Canada’s favourite small-town general merchandise retailer, offering big brands and big savings to its Customers. Mississauga, Ontario based Red Apple Stores operates 142 stores under the “Red Apple” and “The Bargain! Shop” banners.
In January 2013, BlackRock Capital Investment Corporation (NASDAQ: BKCC) acquired Innovasium Red Apple Stores, Inc. from Torch Lake Capital Partners.
BlackRock Capital may receive additional proceeds in the future from an escrow and earn out payment linked to the performance of Red Apple.
Led by founder & CEO, Murry Gunty, Blackstreet Capital Holdings is a Bethesda, MD-based diversified holding company. It seeks investments in the debt and equity of lower middle market businesses, corporate orphans in out-of-favor industries, and businesses undergoing some form of transition.
photo credit: Red Apple Stores
News Release
Affiliate of Blackstreet Capital Holdings, LLC Acquires Red Apple Stores Inc.
May 06, 2021 09:00 AM Eastern Daylight Time
MISSISSAUGA, Ontario–(BUSINESS WIRE)–An affiliate of Blackstreet Capital Holdings, LLC (“BCH”) has acquired Red Apple Stores Inc. (“Red Apple” or the “Company”). Operating 142 stores under the “Red Apple” and “The Bargain! Shop” banners, Red Apple is Canada’s favourite small-town general merchandise retailer, offering big brands and big savings to its Customers. BCH is led by Murry Gunty, its Founder and Chief Executive Officer.
“We are honoured to purchase a business that serves such an essential role in communities across Canada,” said Murry Gunty, Chief Executive Officer of BCH. “We are excited to partner with Red Apple management to continue its mission of providing the best value to its Customers through convenient locations, quality products, and super friendly service.”
“We are looking forward to working with our new partners at BCH,” commented Clinton Wolff, President & Chief Executive Officer of Red Apple. “Our business plan is to Build on Success and Focus on Growth, and with BCH’s support, we are confident we can continue to deliver great results, all the while supporting our loyal small-town Customers across Canada.”
“Red Apple is at an inflection point in its growth,” said Jack Myers, who led the investment and will serve as a key member of the operations team at Red Apple going forward. “We are excited to help continue the tremendous organic growth and begin opening new stores to serve Canadian small towns and to continue to provide a great place to work.”
“Clinton and his team have done a fantastic job leading the Company through the pandemic,” said Kevin Kuby, who will also provide day-to-day operational support. “Red Apple’s future is bright and we look forward to building upon the successes to date.”
About Blackstreet Capital Holdings, LLC
Blackstreet Capital Holdings, LLC (“BCH”) is a Bethesda, MD-based diversified holding company run by its Founder and Chief Executive Officer, Murry Gunty. BCH seeks investments in the debt and equity of lower middle market businesses, corporate orphans in out-of-favor industries, and businesses undergoing some form of transition. BCH currently has nine operating subsidiaries and invests in a range of industries, including retail, consumer, e-commerce, business services, manufacturing, distribution, franchisors, retail, education, sports and entertainment, and consumer finance. For more information, visit www.blackstreethold.com.
Contacts
Blackstreet Capital Holdings, LLC
Murry Gunty, 240-223-1333
mgunty@blackstreethold.com