BOSTON-Bob’s Discount Furniture today announced it will sell a majority stake in the company to investment firm Bain Capital. The management team will continue to own a significant stake in the company. Financial terms of the private transaction were not disclosed.
The transaction is expected to close during the first quarter of 2014.
Headquartered in Manchester, Conn., Bob’s Discount Furniture has 47 stores located throughout the northeast and mid-Atlantic
“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, chief executive officer of Bob’s Discount Furniture.
A statement from Bob’s Discount said that English will continue to lead the company.
“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.”