Published on : Tuesday, March 3, 2015
Wolseley has acquired Livingbridge’s majority stake in bathroom retailer BathEmpire.com for an undisclosed sum, with the option to buy the remaining equity stake at a later date.
The plumbing giant said the investment will put them in a ‘strong position in the UK B2C online bathroom market and a scalable platform to support future growth’.
Private equity investor Livingbridge invested £8.5m in Luxury for less – which trades as BathEmpire.com – in July 2013. BathEmpire.com reported £26m in revenue in the year ending December 2014.
“The UK B2C online bathroom market is growing rapidly and BathEmpire.com gives us an established brand with a scalable platform and the opportunity to build a significant presence over time.” Said lan Meakins, Wolseley CEO.
Luxury for Less said in a statement: ‘We are extremely excited about working with our new partner, Wolseley, and fully expect the fresh investment and their expertise to assist the business through the next stage of development.’
Source: kbbdaily.com
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