CBPE Capital (“CBPE”) and sofa.com (“the Company”) are pleased to announce that CBPE has acquired a majority stake in sofa.com. Terms of the transaction have not been disclosed.
Founded by Rohan Blacker and the late Pat Reeves in 2005, sofa.com is a fast growing omnichannel retailer of sofas, armchairs and beds. It is a disruptive brand which owns and controls all elements of the value chain from manufacturing through to delivery.
Sofa.com was established on the principles of high quality, good value and excellent customer service, attributes which the Company continues to be known for today. Key to sofa.com’s success is its flexible, tailored product range, market leading delivery times and exceptional customer service.
CBPE’s investment in sofa.com comes at the end of a period of significant growth and transition that has seen sofa.com become a genuine market leader. In the last twelve 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 (the Company’s first UK location outside of London), and significantly strengthened the operational management team.
Sofa.com is a market leading business with an experienced management team and a clear growth plan, and as such fits with CBPE’s core investment criteria. 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, as the Company continues to respond to customer demand.
In addition, Justin Stead will join the board as Chairman to further strengthen the Boardroom and support management. Justin was previously CEO of Aurum Holdings for six years, the owner of Watches of Switzerland and the jewellers Goldsmiths and Mappin & Webb, and brings a wealth of knowledge building consumer brands. Under Justin’s leadership, profits at the group quadrupled. Justin shares with CBPE the vision and future potential of the business and he has invested alongside CBPE in sofa.com.
Gareth Williams, CEO of sofa.com, commented: “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’s 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.
Anne Hoffmann, Partner at CBPE, said: “We have worked with Gareth and the team for some time and we are delighted to be making this investment. Sofa.com is a fantastic business with a genuinely unique proposition and an excellent reputation for quality and value. We are excited about the prospect of supporting the business through its next phase of growth.”