Griffin Serves as Exclusive Advisor to Boscov’s, One of Nation’s Largest Family Owned and Operated Businesses
Griffin served as exclusive financial advisor to Boscov’s and its shareholders in an intensive study of its strategic growth alternatives, which included exploring a sale to a thirdparty.
We then assisted the Company in implementing the plan resulting from the study, which involved a $425 million leveraged recapitalization and the sale of non-core assets to affect an intra-family transfer of ownership to family members and management. As part of new management’s growth strategy, Boscov’s sold its $170 million credit card business to a third-party provider and immediately began expanding its franchise with the acquisition of 10 former Federated/May department store locations.
Griffin’s efforts helped Boscov’s and its shareholders realize their growth objectives and continue as a vibrant family owned and operated business. Following these transactions, Boscov’s will operate 50 full-line department stores located in six Mid-Atlantic states. With a projected $1.25 billion in sales and 12,000 employees, Boscov’s remains the largest family owned and operated independent department store business in the United States.
One of Griffin’s primary focuses is serving large and medium-sized family owned and other private businesses within our geographic footprint. The success both they and we have had in our collaboration confirms our belief that local financial professionals who know the market and have access to exceptional research and an established national network of private equity, debt, mezzanine and other financing sources are in the best position to help companies within that market. Our recent work with Boscov’s illustrates this principle.