Second Time Around, a Boston, Massachusetts-based consignment retailer of upscale apparel, is planning a small internal funding round this summer to fuel growth, said Brian Colton, a partner with Generation Equity Investors.
The size of the raise hasn't yet been decided, said Colton. Generation Equity has led two previous financings for the company, making its first investment in July 2009. Second Time Around expects revenue of about USD 13m to USD 14m this year, said Colton. Feinberg Law Group serves as the company's legal counsel.
Second Time Around isn't looking for new investors, Colton said, although it has been approached as investors seek opportunities in value-based retail. He estimated an exit is still at least four years out, explaining the company is now fairly regional to the Northeast, but wants to enter new markets over the next few years. It could eventually be taken national by another PE firm, added Colton.
The company has 24 locations, up from 11 in 2009. It hopes to double in size again over the next two years, said Colton.
Bill Soncini, who was appointed CEO this month, will lead the expansion effort. Soncini said in addition to adding locations, Second Time Around is pursuing initiatives such as an e-commerce website and a reality show collaboration with television channel Bravo. The company is also introducing a line of basics to its stores. Buffalo Exchange and Plato's Closet are among chains that have gone national, but most consignment businesses are mom-and-pop operations, Soncini added.
Second Time Around has stores in Connecticut, Illinois, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, and Washington DC.