Gordon Brothers sell Spencer's Gifts

Spencer Gifts Holdings Inc., a retailer known for such brands as Spencer's and Spirt Halloween, today announced the completion of a management-led buyout of the company by an affiliate of ACON Investments.

ACON, Washington, D.C.-based private equity firm, is purchasing Spencer Gifts from affiliates of GB Merchant Partners, the private equity arm of Gordon Brothers Group, which has roots that go back more than 100 years in Boston, Spencer said.

One of Gordon Brothers' specialties is to swoop in and help merchants liquidate excess inventory, and its skill in that capacity once earned Gordon Brothers recognition as "the Green Berets of retail."

Gordon Brothers is retaining a minority stake in the business, New Jersey-based Spencer Gifts said, and the company will continue to be operated by its current management team.
(By Chris Reidy, Globe staff)