ICV Partners said Wednesday that it has completed a $95.5 million dividend recap of Marshall Retail Group.
Proceeds of the transaction will be used to refinance existing debt and to pay a one-time dividend to shareholders. Not all of the $95.5 million went to ICV, a source says.
Golub Capital led the financing.
The dividend returns about 53% of capital that ICV Partners has invested in Marshall’s this time around, a statement said.
ICV, a lower middle market PE firm, first bought Marshall Retail from the Marshall family in 2003. Two years later, in 2005, ICV sold the company to Bruckmann, Rosser, Sherrill & Co. In September 2008, ICV bought the company back. It’s unclear how much ICV invested.
Marshall Retail isn’t the popular discount chain that is also called Marshalls. Instead, Las Vegas-based Marshall Group is a specialty retailer that is responsible for many of the boutiques and gift shops found in resort and casinos. These include Marshall + Rousso, Carina and Citta delle Luci.