Last month, “extreme value” retailer Five Below announced that it had received an investment from private equity firm Advent International. No financial terms were disclosed, except that existing shareholder LLR Partners would retain a “significant ownership stake.”
Today, Five Below told the SEC that it recently raised $194 million in new equity. None of the company’s insiders are talking, although one did say that it was “reasonable” to conclude that this new money refers to the Advent investment.
For what it’s worth, here is what I wrote about the deal last month (in the Term Sheet e-mail):