Brentwood Associates is buying Marshall Retail Group from private equity firm ICV Partners.

Marshall Retail, headquartered in Las Vegas, operates about 150 specialty retail stores in the casino resort and airport marketplace that sell souvenirs, apparel and other items. The terms of the deal were not disclosed. The transaction was announced on Aug. 25.

Brentwood is a Los Angeles-based private equity firm that focuses on consumer-related investments. The firm has about $650 million in assets under management. In 2013, the firm sold Paper Source Inc. to private equity firm Investcorp

ICV has owned Marshall since 2008. It had previously owned the business, but sold it in 2005. In 2011, ICV completed a dividend recapitalized of Marshall, returning about 53 percent of capital invested. The New York-based firm generally makes control investments in businesses with $25 million to $250 million in revenue.

Mergers & Acquisitions reported in April that Marshall was up for sale

Golub Capital acted as sole bookrunner and administrative agent on a $165 million loan to support the deal. The lender has provided loans to Marshall since 2007.

Kirkland & Ellis LLP provided legal advice to ICV on the deal.  

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