AZUSA, CA – [January 11, 2022] – Robbins Brothers Executive Leadership Team is pleased to announce that it recently completed a Management Buyout of the company. Main Street Capital Corporation (NYSE: MAIN) (“Main Street”), along with its co-investors, partnered with the Company’s senior management team to provide funding in a combination of first-lien, senior secured term debt and a direct equity investment to finance the transaction as well as provide capital to support its future growth. Robbins Brothers started as a family-owned business in the 1920s and, most recently, Robbins Brothers had been a portfolio company of Comvest Partners, an operationally focused middle-market private investment firm in West Palm Beach, FL. In its partnership with Comvest, Robbins Brothers built out a high performing professional Executive team, a scalable jewelry platform, and deep operational infrastructure to support its anticipated growth.
Robbins Brothers, with over a 100-year operating history, is a leading independent regional Bridal jeweler that offers its customers the highest quality diamond engagement rings, wedding bands, settings, and fashion jewelry. “Robbins Brothers differentiates itself through its unwavering dedication to superior services, best-in-class selection, a comforting ambience and a steadfast commitment, which results in attractive unit economics” says Diego Fernandez, Managing Director at Main Street. David Magdol, President & Chief Investment Officer at Main Street commented, “Robbins Brothers has a seasoned Executive Leadership Team with over 200 years
of retail and consumer experience to navigate and lead the business through key short- and long term growth initiatives.”
The company is poised for expansion under a multi-faceted growth plan, including de novo unit openings and fill-in opportunities in existing and adjacent markets as well as in-store and online initiatives to drive sales growth and improved profitability. “We are very much looking forward to working alongside Main Street, and with the necessary financing and growth capital that they have provided.” stated Marc Friedant, President & CEO, Robbins Brothers. Marc went on to add, “The company successfully navigated the challenging early stages of the pandemic and emerged with exciting same-store sales and profitability performance, while setting the stage for our future growth initiatives”.
Duff & Phelps, A Kroll Business, and Capstone Partners acted as financial advisors, and McDermott Will & Emery LLP acted as legal advisor to Robbins Brothers.
About Robbins Brothers
Headquartered in Azusa, California, Robbins Brothers operates 15 retail jewelry stores in California, Texas, Washington, Arizona, and online, primarily in the bridal segment. With over a 100-year operating history, the company provides extensive product education, exceptional quality and value, and steadfast commitment to its customers. Its focus on bridal jewelry allows Robbins Brothers to deliver an unparalleled selection of styles including an extensive range of exclusive private label and designer collections. For more information, please visit www.robbinsbrothers.com.
About Main Street Capital Corporation
Main Street Capital Corporation (NYSE: MAIN) (“Main Street”)Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business
owners and management teams and generally provides “one stop” financing alternatives within its lower middle market portfolio. Main Street’s lower middle market companies generally have annual revenues between $10 million and $150 million. Main Street’s middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies.
Main Street, through its wholly owned portfolio company MSC Adviser I, LLC (“MSC Adviser”), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940.