From Home Furnishing Business
Bain to Acquire Bob's Discount
Bob's Discount's management team will continue to own a significant stake in the company. Terms of the transaction, which is expected to close in the first quarter of 2014, were not disclosed. The business has been majority owned by private equity firm KarpReilly/Apax for the past nine years.
Headquartered in Manchester, Conn., Bob’s Discount Furniture a range of furnishings, including living room furniture, bedroom furniture, dining room furniture, mattresses/foundations and home accents, at value prices. The retailer has 47 stores throughout Northeast and Mid-Atlantic; an will open in the Philadelphia area in February.
“We are thrilled to partner with Bain Capital, a firm that has been investing in great retail businesses and consumer brands for decades,” said Ted English, CEO 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."
"We are excited to partner with Ted English and the great management team at Bob’s Discount Furniture to support continued growth in this dynamic business,” said Tricia Patrick, a Principal at Bain Capital. “We believe the company’s quality furniture at deep value fills an important need in the market today, and along with the authenticity of the Bob's brand, should drive sustainable growth for years to come. We look forward to supporting the management team in executing their plan to grow and offer more customers the opportunity to shop at Bob's Discount Furniture."