New State Capital Partners, a private equity firm, completed the acquisition of a majority stake in KMS, a wholesaler of consumer product closeouts. Financial terms were not disclosed. "Consumers are increasingly hunting for bargains within the off-price retail channel, and we see those habits firming and accelerating regardless of underlying economic factors. KMS can build on its broad array of longstanding relationships in product sourcing and wholesale channel delivery, and we also see great potential for growth within the company's direct-to-consumer business. We look forward to working with the KMS team to support the next phase of the Company's success," Kurt Lentz, New State Principal.