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Beach Point Invests in Forming Sustainable Thrift Store Chain Brightmore Brands
Investment combines two leading retail thrift store chains to create a national platform
SANTA MONICA, Calif., February 22, 2023-- Beach Point Capital Management's Tactical Fund has made a majority investment in newly launched Brightmore Brands, a sustainable retail thrift store chain. Brightmore Brands combines two independent thrift store chains to create a national platform with 18 store locations operating throughout California, New York, New Jersey and Minnesota. Management will continue to retain a significant ownership in the company in partnership with Beach Point. Terms of the transaction were not disclosed.
Evan Klebe, Managing Director at Beach Point, said: "We are thrilled to partner with this experienced management team, who has played a large part in developing the retail thrift industry over the past four decades, to launch Brightmore. We look forward to supporting their mission to create a sustainable retail value chain for apparel that minimizes waste and funds important social causes."
Robert Bergmann, Portfolio Manager at Beach Point, added: "Clothing and household textiles currently still represent over five percent of the waste stream filling US landfills and consumers are increasingly aware of the environmental impact of the apparel value chain. We are proud to be supporting Brightmore and its important role in facilitating economic reuse and recycling."
About Beach Point Capital Management
Beach Point Capital Management is a multi-strategy investment manager making credit, private equity, real estate and structured product investments. As of December 31, 2022, Beach Point Capital Management manages $14.5 billion in AUM on behalf of institutional investors. Headquartered in Santa Monica, CA, the firm also has offices in New York, London, and Dublin. Beach Point Private Equity leverages Beach Point Capital Management's industry expertise, network and shared resources to be a value-added partner for its private equity portfolio companies. Beach Point Private Equity seeks investments with capital requirements of $15 - $150 million and currently has 10 portfolio companies.
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