Nexus Capital Management

What is Nexus Capital Management?
Nexus Capital Management LP is a private equity firm founded in 2013 and headquartered in Los Angeles, California. The firm was co-founded by Michael Cohen and Damian Giangiacomo, both formerly of Apollo Global Management. Nexus makes investments across consumer goods, retail, education, food, and business services, with approximately 49 investments to date.

Who founded Nexus Capital Management?
Michael Cohen and Damian Giangiacomo co-founded Nexus Capital Management in 2013. Both previously worked at Apollo Global Management, one of the largest alternative investment firms. Cohen serves as Partner and Giangiacomo serves as Managing Partner.

Is Nexus Capital Management publicly traded?
No, Nexus Capital Management is a privately held limited partnership and is not publicly traded. The firm is a Registered Investment Adviser with the SEC. Its capital comes from institutional investors including endowments, pension funds, family offices, and foundations.

What companies does Nexus Capital own?
Nexus Capital's portfolio includes Dollar Shave Club (acquired from Unilever in 2023), TOMS, ACT (the college testing company, acquired and converted to for-profit in 2024), Laird Superfood (controlling stake acquired in 2026), Rent the Runway (PIPE investment in 2025), FTD, Lamps Plus, Post Advisory Group, Tricam Industries, Sugarbear, Natural Balance, and Mav Beauty, among others.

What happened with the Big Lots deal?
Nexus Capital agreed to acquire Big Lots in September 2024 as a stalking horse bidder in the retailer's Chapter 11 bankruptcy, with a deal valued at $765 million. The deal fell apart in December 2024 after Nexus discovered that Big Lots' financial performance had deteriorated significantly beyond what was disclosed. Nexus terminated the agreement, and Big Lots subsequently sold its assets to Gordon Brothers Retail Partners.

How much did Nexus Capital pay for Dollar Shave Club?
The purchase price was not publicly disclosed, but it was widely reported to be significantly less than the $1 billion Unilever paid for Dollar Shave Club in 2016. Unilever had written down the brand's value substantially before the sale.

What is Nexus Capital's investment in Laird Superfood?
Nexus invested $50 million in Laird Superfood in March 2026 and an additional $60 million in April 2026, acquiring approximately 71.7% of the company on a fully diluted, as-converted basis. The capital funded Laird Superfood's acquisitions of Navitas ($38.5 million) and Terrasoul Superfoods ($48 million), positioning the company as a positive nutrition platform for future food brand acquisitions.

Nexus Capital Management was founded in 2013 by Michael Cohen and Damian Giangiacomo in Los Angeles, California. Both founders had previously worked at Apollo Global Management, where they gained experience in distressed debt investing and turnaround situations. The firm was established with a flexible investment mandate that allowed it to pursue opportunities across multiple sectors and deal types.

The firm's early investments included FTD, the floral delivery company that Nexus acquired out of bankruptcy in 2019. Nexus restructured FTD's operations, diversified its product lineup, and improved its same-day delivery capabilities for florists. Also in 2019, Nexus and other creditors took ownership of TOMS, the shoe company known for its one-for-one giving model. Under Nexus ownership, TOMS shifted its marketing strategy toward podcasts, streaming, and live events.

In 2022, Nexus made an investment in Lamps Plus, a specialty lighting retailer. The firm brought on a new CEO at the end of 2023 and shut down the company's 45-year-old wholesale arm, Pacific Coast Lighting, to focus on the retail business.

The firm's most publicized transaction came in late 2023, when Nexus acquired Dollar Shave Club from Unilever. Unilever had purchased Dollar Shave Club in 2016 for approximately $1 billion, but the brand struggled under Unilever's ownership, facing competition from Gillette, Harry's, and other direct-to-consumer grooming brands. Unilever wrote down the value of Dollar Shave Club significantly before selling it to Nexus for an undisclosed price widely reported to be a fraction of the original $1 billion. Under Nexus ownership, Dollar Shave Club cut its technology spending by 40% by migrating from its proprietary e-commerce platform to Shopify.

In April 2024, Nexus acquired ACT, the nonprofit testing company that administers one of the two major college admissions exams in the United States. Nexus made ACT a for-profit organization, a conversion that drew scrutiny from education policy advocates. ACT's CEO Janet Godwin stated that she was careful to avoid partnering with the type of private equity firm "you hear horror stories about" focused on cutting costs.

In September 2024, Nexus agreed to acquire substantially all of Big Lots' assets as a stalking horse bidder in the discount retailer's Chapter 11 bankruptcy proceedings. The proposed deal was valued at $765 million, consisting of $550 million in debt payoff, assumption of existing liabilities, and $2.5 million in cash. However, the deal fell apart in December 2024. Nexus terminated the asset purchase agreement after discovering that Big Lots' financial performance had deteriorated significantly beyond what had been disclosed, with collateral shortfalls of approximately $103 million for the week ended November 30 and $85 million for the week ended December 7. Big Lots subsequently sold its assets to Gordon Brothers Retail Partners, which transferred 200 to 400 stores to Variety Wholesalers to operate under the Big Lots brand.

In August 2025, Nexus participated in a growth recapitalization of Rent the Runway, the fashion rental company, alongside Story3 Capital Partners and Aranda Principal Strategies. Nexus contributed new capital and took a board seat, with Managing Partner Damian Giangiacomo joining Rent the Runway's Board of Directors. The transaction reduced Rent the Runway's outstanding debt balance to $120 million and extended its maturity to 2029.

In March 2026, Nexus made its initial investment in Laird Superfood, a publicly traded food company listed on NYSE American. Nexus invested $50 million in Series A Convertible Preferred Stock to fund Laird Superfood's acquisition of Navitas, an organic superfoods brand, for $38.5 million. In April 2026, Nexus invested an additional $60 million in Laird Superfood to fund the acquisition of Terrasoul Superfoods for $48 million. Following the incremental investment, Nexus owns approximately 71.7% of Laird Superfood on a fully diluted, as-converted basis. Nexus has structured the investment to provide additional growth capital for future food and beverage brand acquisitions, positioning Laird Superfood as a "positive nutrition platform."

Also in 2025, Nexus acquired Post Advisory Group, a credit-focused asset manager, and Tricam Industries, a commercial products manufacturer. The firm's most recent investments in early 2026 include Laird Superfood, Alipos (a business software company), and Keystone Food Products.

Nexus Capital Management has faced scrutiny on several fronts, though the firm itself has not been subject to major regulatory actions or lawsuits.

The Big Lots deal failure in December 2024 generated significant media coverage. Nexus terminated the asset purchase agreement after discovering that Big Lots' financial performance had deteriorated beyond what was disclosed. Nexus filed a motion with the bankruptcy court to recover its deposit and expense reimbursement, alleging that Big Lots had breached the agreement by purchasing going-out-of-business signage and taking steps to liquidate the business while still nominally pursuing the sale. Big Lots' CEO Bruce Thorn stated that the company had "made the difficult decision to begin the GOB process" after the Nexus deal collapsed. The retailer subsequently sold its assets to Gordon Brothers, and in October 2025, the remaining Big Lots estate sought to convert its Chapter 11 case to Chapter 7 liquidation.

The ACT acquisition drew criticism from education policy advocates who questioned whether a for-profit owner would prioritize shareholder returns over educational mission. ACT's CEO Janet Godwin publicly addressed these concerns, stating that Nexus was not the type of private equity firm "you hear horror stories about." The conversion of a major nonprofit testing organization to for-profit status represented a novel transaction that attracted attention from regulators and education policy observers.

As a Registered Investment Adviser, Nexus is subject to SEC regulation and compliance requirements. The firm must adhere to fiduciary duty standards, maintain compliance programs, and file periodic reports with the SEC. However, these filings are not publicly available in the same manner as public company disclosures, limiting the amount of information available about the firm's operations and performance.