Stamford private equity firm Atlantic Street Capital has acquired a majority stake in Lori’s Gifts, the largest multiunit retailer of gift shops in hospitals, for an undisclosed amount.
Lori”™s Gifts operates more than 350 shops in hospitals around the country. The company assumes all staffing, buying, accounting and operational responsibilities, and provides patient gift service for all its locations and same”day in”room delivery for personal care items, gifts, flowers, balloons, drinks, snacks and accessories.
Lori’s is based in Carrollton, Texas, and houses a corporate staff of 50 in its headquarters and more than 1,700 national employees. It was established in 1981 by the Bernick family.
“We believe the Lori’s business model can benefit from many of Atlantic Street Capital’s tactical and strategic strengths in managing multi-unit small box specialty retail investments,” said Atlantic Street Managing Partner Andy Wilkins. “This, coupled with substantial growth opportunities for new locations, creates an opportunity for us to deliver a significant return for our investors if we can execute.”
