Buyout (LBO, MBO, MBI) • Retail

S5 Equity Acquires Heartland America

On March 27, 2025, private equity firm S5 Equity acquired retailer Heartland America

Acquisition Context
  • This is S5 Equity’s 2nd transaction in the Retail sector.
  • This is S5 Equity’s 2nd transaction in the United States.
  • This is S5 Equity’s 1st transaction in Minnesota.

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M&A Deal Summary

Date March 27, 2025
Target Heartland America
Sector Retail
Buyer(s) S5 Equity
Deal Type Buyout (LBO, MBO, MBI)

Target Company

Heartland America

Chaska, Minnesota, United States
Heartland America is a 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 was founded in 1985 and is based in Chaska, Minnesota.
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Buyer Overview 1

DESCRIPTION

S5 Equity is a private investment firm specializing in acquiring and revitalizing lower middle-market companies across North America that are experiencing operational, financial, or strategic challenges. The Firm looks to execute carve-outs, owner-operator transitions, and distress situations—while working closely with management teams to improve operations, realign strategies, and restore profitability. S5 Equity was founded in 2022 and is headquartered in Los Angeles, California.


Deal Context for Buyer #
Overall 2 of 3
Sector: Retail 2 of 3
Type: Buyout (LBO, MBO, MBI) 2 of 3
State: Minnesota 1 of 1
Country: United States 2 of 3
Year: 2025 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-05 Hammacher Schlemmer

Fairfield, Ohio, United States

Hammacher Schlemmer is a retail company that provides electronics, apparel & shoes, home, outdoor, personal care, sports & leisure, and toys. Hammacher Schlemmer was formed in 1848 and is based in Fairfield, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-07 Howard s Appliance

La Habra, California, United States

Howard's Appliance is a retailer specializing in home appliances, mattresses, and TVs to local families. Howard's Appliance was founded in 1946 and is based in La Habra, California.

Buy -