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Kingswood Capital Management Closes Acquisition of Cost Plus World Market
Thursday 21 January 2021

US-based private investment firm Kingswood Capital Management, LP has completed its acquisition of specialty retailer Cost Plus World Market, the company said.

Cost Plus World Market offers home products sourced from around the world.

Prior to the acquisition, World Market was a subsidiary of Bed Bath and 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.

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. Smith 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, Smith held various senior management positions within TJX Companies, Inc., including Group president and chairman of the HomeGoods division.

Most recently, Smith served as executive chairman of Vitamin Shoppe, where he oversaw a successful sale of the business.

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.
Date Published: 21/01/2021