Boathouse Capital Completes Investment in 2nd Ave Stores
January 9, 2018
Boathouse Capital is pleased to announce a recent investment in 2nd Ave LLC (the “Company”). Founded in 1959 and based in Bensalem, PA, the Company operates a network of 2nd Ave and Village Thrift Value Stores in four Mid-Atlantic states, which resells donated clothing and household goods purchased from select charities utilizing the solicitation services of GreenDrop, LLC, an affiliate of the Company.
With over 30 attended drop off locations as well as a home pick-up service, GreenDrop solicits and collects unwanted clothing and household items on behalf of charities including the American Red Cross, Military Order of the Purple Heart, National Federation of the Blind and the Society of St. Vincent de Paul of Philadelphia. Donated items are sorted and re-sold to the wholesale market or through the Company’s chain of ten 2nd Ave and Village Thrift retail stores. In addition to generating millions of dollars annually to support the charities’ initiatives, the Company’s operations enable the resale of needed items, at low prices, to consumers while supporting a third-generation family-owned business employing over 1,500 throughout the Mid-Atlantic region.
Steve Gord, General Partner at Boathouse Capital remarked, “We are pleased to partner with the ownership and management team of this unique company and are excited to support their future growth.”
The proceeds of the Boathouse investment were used for a partial recapitalization of the Company’s balance sheet, as well as to support the operational development of the business as it enters a new phase of growth.
“I’m thrilled to have the Boathouse team on board. As we look toward the next few years and ambitious growth plans, having an institutional capital partner involved as we further professionalize our operations and bring our Company to the next level will be invaluable. Our charity partners are excited to expand geographically with us, and we are eager to meet the need.” said Tony Peressini, CEO of 2nd Ave.