Manchester, Conn. — Private equity firm KarpReilly/Apax has owned the company for the past nine years.
Manchester, Conn. — Bob’s Discount Furniture has signed a definitive agreement to sell a majority stake in the company to Bain Capital, a global private investment firm. The management team will continue to own a significant stake in the company.
Based in Manchester, Bob’s Discount Furniture operates 47 stores throughout the Northeast and Mid-Atlantic. The business has been majority owned by private equity firm KarpReilly/Apax for the past nine years.
“We are thrilled to partner with Bain Capital, a firm that has been investing in great retail businesses and consumer brands for decades,” says Ted English, chief executive officer of Bob’s Discount Furniture, who will continue to lead the company. “Bain Capital brings the experience and resources we need to support our continued expansion to serve more customers in more places, and to provide opportunities for advancement for our people.”
Financial terms of the transaction, which is expected to close during the fourth quarter of 2014, were undisclosed.
SOURCE: Bob’s Discount Furniture