Harris Williams Consumer Update

What We've Been Doing

Closed HW Transactions


Fitness World, a portfolio company of FSN Capital, has been acquired by PureGym, a portfolio company of Leonard Green & Partners.

Fitness World is a leading fitness operator in Europe. This transaction extended the firm’s experience in the fitness space.



Groundworks, a portfolio company of Succession Capital Partners, has entered into a growth capital partnership with Cortec Group.

Groundworks is the nation’s largest privately held residential foundation services company. Succession will remain an investor in the company, and Matt Malone will continue as CEO.



American Freight Group Inc., a portfolio company of The Jordan Company, has been acquired by Franchise Group Inc.

American Freight is a leading value furniture retailer with over 170 locations in the United States.


What We've Been Reading

Ahead of the Pack: M&A 2019

After a strong end to the 2019 year for M&A, there is anticipation of 2020 being another solid year. There are a number of trends that are likely to have an impact on the M&A market that will drive momentum throughout the year. See full article here.

In the US Middle Market, Soaring Valuations Beget an Add-On Frenzy

Competition against private equity buyers are heating up as add-on acquisitions are on the rise. 2019 was a high-valuation market for sellers due to the rise of share of total deals over the past 12 months. Heading into 2020, it is expected that the middle market will continue to utilize add-ons in order to complete lower-multiple acquisitions. See full article here.

Content Recap

30k Feet: Key Takeaways From the Medical Spa Show 2020

Managing Director Corey Benjamin attended the Medical Spa Show 2020. In this article, he shares his key takeaways on the event.

Consumer Healthcare: Creating Value by Crossing Industries

The healthcare industry is changing as it becomes more consumer focused. In this article, Harris Williams healthcare and consumer managing directors come together to  share their definition of the space and insight on investor opportunity.

Public Markets Overview

Key Trading Statistics1


Public Company Sector Performance (12-Month % Change in Stock Price)1


Consumer and Retail Industry Stock Performance1


Recent Equity Offerings1


M&A Overview

Announced Consumer and Retail M&A1


Recent Equity Offerings1



Public Comparables1








M&A Transactions

Recent North American Consumer M&A1




1. Capital IQ


The information and views contained in this report were prepared by Harris Williams LLC (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities or financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The securities and financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.