HobbyCraft snapped up in £100m private equity deal
30 April 2010 13:42
After a keenly contested bidding war, specialist retailer HobbyCraft has been acquired by its management – backed by Bridgepoint, the private equity firm that also owns Fat Face and Pret a Manger.
Bridgepoint landed the arts and crafts retailer, which had been put up for sale by founders and majority shareholders the Haskins family earlier this year, ahead of rival private equity firms including Blackstone, TA Associates and Exponent.
HobbyCraft currently operated 47 stores but early indications are that the new owners will seek to increase this rapidly, with Bridgepoint stating that it could easily add a further 100 stores to the chain over the next five years.
Jason McGibbon, head of Bridgepoint's consumer investments, said: "HobbyCraft is a quality business with great potential. We have tracked its progress for some time and believe that there is now significant scope for the business not only to grow through further rollout in the UK and development of its store format but also to create a significant multi-channel online presence."
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