Bain Capital Buying Bob's Discount Furniture
Bob’s Discount Furniture, which has nearly 50 retail stores throughout the Northeast, including three in Central Massachusetts, is being sold to Bain Capital, the retailer announced today.
Bob’s, based in Manchester, Conn., said its management team will continue to own a “significant” stake in the company. Financial terms of the deal were not disclosed, according to a statement from Bob’s, which is privately held. The majority of the business, which was founded in 1991, has been owned by private equity firm KarpReilly/Apax for the past nine years.
Bob’s has stores in Worcester, Natick and Bellingham.
Bain Capital, based in Boston, has invested in such companies as Dunkin’ Brands Group, Outback Steakhouse, Dollarama and Samsonite International. It was co-founded by former governor Mitt Romney.
“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, who will continue in his role. “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."
The transaction is expected to close during the first quarter of 2014, the Bob’s statement said.
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