LOS ANGELES– STORY3 Capital Partners, LLC (“STORY3”), a capital solutions provider founded by veteran deal maker Peter Comisar that is focused exclusively on the consumer value chain, today announced the closing of a preferred stock and structured debt investment into Renew, LLC (“Renew”).
Renew, founded by dental industry pioneer Dr. Don Miloni, is a leading consumer branded dental support organization (DSO) that is focused on innovative, affordable same-day anchored denture solutions. The investment by STORY3 will support the continued rapid expansion of Renew, including the national build-out of additional 1-day denture centers over the next two years.
Renew’s proven same-day anchored denture procedure is executed through its network of Renew branded specialist surgery centers. An estimated 36 million people in the United States (15%+ of the U.S. adult population) suffer from missing 14 or more teeth. Renew offers a proven product and price disruptive solution to this large and fragmented multi-billion dollar total addressable market.
“We launched STORY3 to capitalize on our team’s category expertise, operating support and transactional experience in complex situations developed over decades,” says Comisar. “This investment in Renew represents a value-creating partnership with Dr. Don Miloni, a 40-year veteran in the dental space with a successful track record of utilizing innovation to provide the best treatment to patients at incredible value. STORY3 is proud to support founders like Dr. Miloni by helping to bring his vision of transformative and affordable Renew anchored dentures to patients across the country.”
Renew President Peter Abruzzo says, “We are excited to partner with STORY3. STORY3 is uniquely positioned to accelerate our growth, as it brings more than just capital, but also a network of relationships and strategic insights that will position Renew to be the leading national anchored denture solutions provider.”
In May 2021, STORY3 closed its oversubscribed debut STORY3 Consumer Opportunities Fund I, L.P. (“Fund I”). STORY3 is led by 30-year deal veteran Peter Comisar, a former Goldman Sachs Partner and Vice Chairman of Guggenheim Securities. The flagship Fund I is anchored by commitments from leading institutional alternative investment managers and counts prominent consumer industry executives and senior partners from premier financial institutions as its limited partners.
STORY3 adds Renew to its strong portfolio of innovative businesses disrupting the consumer world, including Recover Textiles Systems, S.L., a leading material sciences company and producer of branded sustainable, premium recycled cotton fiber, and FIGS, Inc., a founder-led, direct-to-consumer healthcare apparel and lifestyle brand that seeks to celebrate, empower and serve current and future generations of healthcare professionals.
Recover is transforming the fashion industry by solving one of the world’s biggest environmental issues – the massive detrimental environmental impact of apparel production and consumption. Recover is a valued strategic partner to some of the world’s largest retailers and brands and is on track to increase its production to 200,000 metric tons of recycled cotton fiber per year by 2025. This will save nearly three trillion liters of water each year, equivalent to the drinking water consumed by 3 billion people on an annual basis and allow 500,000 acres of land to be directed away from cotton cultivation for other uses.
FIGS recently completed a successful initial public offering and debuted on the New York Stock Exchange (NYSE: FIGS) in an upsized and oversubscribed offering that priced above its offering range.
STORY3 operates as a capital solutions provider across the entire capital structure. Beyond its all-weather private equity investment strategy encapsulated in Fund I, STORY3 offers private credit solutions through its STORY3 Credit Partners, LLC (“STORY3 Credit”). In September 2020, STORY3 Credit and its lending partners provided a $275 million term loan refinancing to Lands’ End, Inc. (NASDAQ: LE), a leading branded ecommerce apparel retailer. STORY3 Credit also recently supported the financing needs of Cathie Wood’s ARK Investment Management, a premier investment adviser focused solely on thematic investing in disruptive innovation.
