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S5 Equity Expands Its E-commerce Portfolio Through Acquisition of Heartland America

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CHICAGO, March 27, 2025-- S5 Equity, a southern California-based investment firm, announced today the acquisition of Heartland America, a leading discount catalog and online retailer. This transaction marks S5 Equity's first acquisition of 2025 and a strategic bolt-on for its portfolio company, Hammacher Schlemmer, which was acquired in August 2024. Financial terms were not disclosed.

Founded in 1985 and based in Chaska, Minnesota, Heartland America is a discount catalog and online retailer for consumers seeking deals across multiple everyday needs from electronics, houseware, and apparel. Speaking on the alignment and future of both brands Kendra Reichenau, CEO of Heartland, said, "We kind of have the same culture and values. That is people, products, customers, and service. Those are the pillars that really drive a great organization."

The acquisition supports S5 Equity's mission to grow its portfolio of heritage and storied brands, and delivering synergies across distribution, marketing, and sales channels. These enhancements will deliver greater value to customers and position the firm as a compelling player in the evolving e-commerce landscape.

"While some may be running for the exit in retail right now, I think we're running in the front door," said David Steinhafel, Founder of S5 Equity. "The Direct-to-Consumer model, especially when paired with a catalog offering, resonates with loyal customers who value convenience and quality. We're committed to building on these strengths and exceeding customer expectations."

About Heartland America

Heartland America is a Minnesota based direct-to-consumer retailer that offers a wide range of products, including electronics, home appliances, and furniture. The company focuses on providing high-quality goods at competitive prices through its online platform and catalog. Heartland America aims to deliver a convenient and affordable shopping experience for customers nationwide. Visit www.heartlandamerica.com.

About S5 Equity

S5 Equity is a multi-sector private investment firm focused on acquiring companies across North America and Europe. Backed by its experienced senior management team, S5 serves as a reliable stakeholder to companies facing structural or macroeconomic challenges, subsidiaries of larger corporations, and founders seeking a steady hand. Visit www.s5equity.com.

Contact:
Baudy Bueno
Managing Director, Deal Origination
bb@s5equity.com

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