This story has been updated.
Louisville-based private equity firm Blue Equity continues to buy, buy, buy.
The company announced this morning it has purchased all 15 Liquor Barn locations in the state of Kentucky from the publicly owned Canadian liquor retailer Liquor Stores N.A. Ltd., which released a separate concurrent announcement.
Blue Equity paid $26.15 million for the 15 beer, wine and liquor stores and has agreed to pay as much as $3.3 million more in March 2021, pending sales generated from 2018 to 2020, according to Liquor Stores N.A. Ltd.
“The acquisition of the Liquor Barn assets is the perfect next step in our quest to become the leading retailer for spirits, beer, wine and other products to our loyal and growing customer base in Kentucky and beyond,” said Jonathan Blue, chairman and managing director of Blue Equity, in a news release. “We will also be able to secure nearly 175 full-time jobs for the commonwealth and build on the $10 million annual payroll base as we continue to grow the business.”
Six of the 15 locations are in Louisville, with another six in Lexington and the remainder in Danville, Bowling Green and Elizabethtown. The stores range in size from 2,700 square feet to more than 44,000 square feet.
Blue Equity also owns Party Mart, which has two locations, both in Louisville. The company stated in its release that it formed Blue Rose Spirits, a partnership between Blue Equity and Vince Rosenblatt, in order to make the Liquor Barn acquisition.
Rosenblatt partnered with Blue Equity previously on Angel’s Envy bourbon, which they sold to Bacardi Limited in 2015.
In a separate news release, Liquor Stores N.A. Ltd. noted that the sale will reduce the company’s debt and allow it to focus on tis core markets, Alaska and Alberta, B.C. It also will relieve the company of obligations to finance “significant renovation costs that these stores would have required.”
Liquor Stores N.A. Ltd. plans to shutter its U.S. offices.
Blue told Insider in an email that the Liquor Barn stores will undergo renovations.
In addition to the Liquor Barn stores, Blue Equity recently bought Opa-locka, Fla.-based company Mastercraft Flooring Distributors and New York representation management and advisory firm Two Twelve Management.