Bain Capital LLC, the private-equity firm that oversees more than $70 billion in assets, agreed to buy furniture and bedding retailer Bob’s Discount Furniture Inc. from Apax Partners LLP and KarpReilly LLC. Financial terms weren’t disclosed.
The management team of the Manchester, Connecticut-based company will continue to own a “significant” stake, according to a statement today. The companies expect the buyout to be completed in the first quarter of 2014.
The acquisition of Bob’s Discount Furniture marks at least the third transaction this month for Boston-based Bain. The firm on Dec. 10 agreed to buy Canada Goose Inc., the Canadian retailer of fur-lined coats, and on Dec. 11 offered to buy Japanese online market-research company Macromill Inc. for 51.4 billion yen ($489 million). Bain was co-founded by Mitt Romney, the 2012 Republican presidential nominee, who left the firm in 1999.
“We believe the company’s quality furniture at deep value fills an important need in the market today,” Tricia Patrick, a principal at Bain, said in the statement.
Bob’s Discount Furniture will continue to be led by Chief Executive Officer Ted English, according to the statement. The retailer has 47 stores and is the 16th-biggest U.S. furniture chain, according to the company.
Bob’s Discount Furniture was advised by Bank of America Corp. and Ropes & Gray LLP. Bain received advice from Kirkland & Ellis LLP and PwC LLP.