ICV Partners has sold Marshall Retail Group, an independent operator of specialty retail stores, to Brentwood Associates. MRG operates 155 U.S. stores in high-foot-traffic marketplaces like major casino-resort hotels and airports. ICV reacquired Marshall in 2008, having sold it just three years prior, and completed a $95.5 million dividend recapitalization of the company in 2011, returning approximately 53% of capital invested. During the latest holding period, MRG penetrated the core casino market and diversified into the airport retail sector. ICV said the sale to Brentwood will result in an “attractive return” on its investment. Golub Capital, as the sole bookrunner and administrative agent, provided $165 million in financing to support the deal.