Just when the dollar stores have started to roll over from some truly hideous numbers, Jim Cramer spotted one discount retailer that still has managed to thrive.

Ollie's Discount Outlet Holdings is the chain of more than 200 stores that sells brand-name goods. Last week, the company reported a strong quarter, and the stock has climbed more than 50 percent.

"Even after this move, I think the company has got a lot going for it," the "Mad Money" host said.

While investors aren't flocking to the dollar stores anymore, they still seem to like off-price retailers. That means Ollie's is ripe for the picking. It sells merchandise at a 70 percent discount to department stores.

The company first came public in 2015. At the time, Cramer did not like that Ollie's was backed by private equity firm CCMP Capital Advisors, which owned 59 percent of the company.

"I never like to see that level of private equity ownership because it means you could get slammed by a tsunami of selling as these guys decide to take profits," Cramer said.

In recent months, two waves of private equity block sales hit Ollie's. Cramer interpreted that as a good sign, because the last block sale represented the remainder of CCMP's position. Private equity has now cleared out.

Ollie's CEO Mark Butler still owns approximately 20 percent of the company, which encouraged Cramer. Unlike the private equity positions, he hasn't taken profits, even though the stock has risen so much this year. It told Cramer that the CEO believes it has more room to run.

More importantly, without the private equity overhang, Cramer could focus on the fundamentals of the company. He found that it is doing very well, with recent results showing higher-than-expected revenue, expanding gross margins and steady same-store sales growth. Even better, it raised its forecasts.

Ollie's plans to expand this year, opening 28 to 32 new stores, and it stated that new locations continue to perform in-line or above expectations. However, after a big block sale earlier in the week, the stock now trades where it did before it reported earnings, which Cramer noted is a great entry point for the stock.

"The pesky private equity guys are out. That means the time to buy Ollie's has arrived … I know, if this is the best retailer I can find, that doesn't say much about retail right now, but I think it says something about Ollie's, it's the one that's still working in a suddenly very difficult retail environment."

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