Lee’s Discount Liquor

Situation

Lee’s Discount Liquor (Lee’s or the Company) is Nevada’s largest independent packaged alcohol retailer, proudly serving the state for over 45 years. Founded in 1981 by entrepreneur and community leader Hae Un Lee, the Company grew from a single Las Vegas storefront into one of Nevada’s most recognized and trusted specialty retailers. Under the continued leadership of the Lee family, the late Kenny Lee, and Nami Lee, the brand expanded to more than 23 locations and has remained a cornerstone in the Nevada community.

BDO Capital was engaged to serve as exclusive financial advisor to Lee’s in connection with the sale of the Company. The Lee family’s objectives were to identify a partner who would preserve the Company’s legacy and community standing in Nevada while providing the resources and operational support needed for the brand’s next phase of growth.

Solution

BDO Capital ran a targeted process designed to reach strategic acquirers capable of stewarding a multi-generational, family-owned retail brand. BDO Capital positioned Lee’s market leadership, brand equity, and store footprint to a buyer group that valued continuity as highly as scale, ultimately identifying Spec’s Wines, Spirits & Finer Foods, a four-generation family business for whom Lee’s represented a strategic entry into a new state.

Outcome

Lee’s Discount Liquor has been acquired by Spec’s Wines, Spirits & Finer Foods (Spec’s). This marks Spec’s first expansion outside of Texas, positioning Spec’s for continued growth and diversification within the market.

Spec’s Wines, Spirits & Finer Foods is a four-generation, family-owned business established in 1962 by Spec and Carolynn Jackson in Houston, Texas. Following the passing of the founders, Lindy Rydman and her husband John assumed ownership in 1996, at which time the company operated seven stores. Over the years, Spec’s has grown steadily to more than 200 locations across Texas, supported by a team of 4,500 employees.