Private equity firm CBPE Capital has acquired a majority stake in omnichannel retailer of sofas, armchairs and beds, sofa.com.
Founded by Rohan Blacker and the late Pat Reeves in 2005, the retailer owns and controls all elements of the value chain, from manufacturing through to delivery.
CBPE’s investment comes at the end of a period of significant growth and transition for sofa.com. In the last 12 months, the company has invested in and opened a state-of-the-art manufacturing facility in Poland, as well as a new showroom in Bath – its first UK location outside of London – and has significantly strengthened its operational management team.
CBPE is backing CEO Gareth Williams and the existing management team to continue to grow the business and bring the brand to new customers across the UK. Further new showrooms are planned during the course of 2015 and over the next five years.
In addition, Justin Stead will join the board as chairman. Justin was previously CEO of Aurum Holdings for six years, the owner of Watches of Switzerland and the jewellers Goldsmiths and Mappin & Webb.
Gareth Williams comments: “We are delighted to have the support of CBPE as we enter the next exciting stage in our development. Above everything, sofa.com is committed to providing customers with a fantastic shopping experience. CBPE really understands and supports this, also recognising the importance of nurturing the business' culture and values as it grows. It has been an exciting journey since 2005, and very satisfying to be able to build on our founders’ vision and terrific achievements. We look forward to developing our omnichannel business model and capitalising on our high degree of vertical integration to create lots more happy customers. We also very much looking forward to working with Justin – not only does he have a phenomenal track record, but he also shares our philosophy of ensuring customer service and quality remain at the heart of all that we do.”
CBPE’s investment in sofa.com was led by Anne Hoffmann with support from Jolyon Latimer, Naveen Passi and Rob McCombie.
