Online furniture retailer The Cotswold Company acquired by True Capital
Online furniture retailer The Cotswold Company has been acquired by private equity firm True Capital.
The deal will see Cotswold's new owners accelerate online growth, expand product and category ranges and increase the firm's showroom footprint across the UK.
True Capital said that as part of the tie-up Gordon Segal, founder of US furniture retailer Crate&Barrel, will play an "active role" in Cotswold, particularly around product, real estate and supply chain.
Mr Segal's Prairie Management Group is a significant investor in the True Capital fund.
Cotswold chief executive Kevin Johnson said: "In True Capital we have found a partner to take our business to the next level, whilst allowing us to adopt new technologies that will benefit our customers' experiences."
Founded in 1996, Cotswold, which specialises in oak, pine and painted furniture, was acquired by Kevin Johnson and James Birtwhistle in 2009.
It now turns over £35 million a year. The company handles more than 100,000 orders every year from its 170,000 sq ft warehouse in Wednesbury.
The online furniture market has grown rapidly in recent years with double-digit growth, and is expected to keep growing at around 13% over the next four years, according to Verdict and Forrester research.