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Arrowpoint Advisory's Consumer sector team has advised the shareholders of Blackbird Retail Holdings, owner of one of the UK's largest online furniture retailers, The Cotswold Company, on the sale of a majority stake to True Capital, the retail and consumer sector specialist investment firm.
Founded in 1996, The Cotswold Company, which was acquired by Blackbird Retail Holdings in a purchase led by Kevin Johnson and James Birtwhistle in 2009, sells high quality oak, pine, painted furniture and accessories with a market-leading value proposition. The company generates annual revenues in excess of 35m, and has delivered strong compound annual sales and EBITDA growth over the last four years.
Following the transaction, Gordon Segal, founder of the US-based $1bn turnover furniture retailer Crate&Barrel, whose family office Prairie Management Group is a significant investor in the True Capital fund, will play an active role in the company, particularly around product, real estate and supply chain.
Kevin Johnson, CEO of The Cotswold Company, comments: “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. Throughout the process, which took just eight weeks, it was evident that the professionalism, experience, spirit of partnership and retail network that True Capital will bring to our business is second to none. We are delighted to have them on board and look forward to growing the business with them over the coming years.”
“The Arrowpoint Advisory team, with their strong e-Commerce expertise and track record, really understood our business, its culture and what we were looking for from a partner. Their hands-on guidance and support was invaluable as we worked quickly to complete a deal that all of the team are delighted with.”
Matt Truman, co-founder and CEO, True Capital added: “I was delighted to work with Simon and Gavin at Arrowpoint Advisory on this transaction. Whilst on opposite sides, it was approached with the ‘spirit of partnership’ from the outset that typifies True Capital deals and both sides more than delivered on what they promised. We look forward to the next stage of growth with The Cotswold Company and to working with Arrowpoint Advisory on many more opportunities in the coming months and years.”
Simon Cope-Thompson, Managing Director at Arrowpoint Advisory explained: “The Cotswold Company is an extremely high quality business, with an outstanding management team within the multi-channel space. True Capital will be an excellent partner for the existing management team as they continue to lead the company through its next stage of growth.”
Gavin Orde, Director at Arrowpoint Advisory, commented: “It was clear from the first meeting that there was an excellent fit with True Capital, as the Cotswold team will be able to tap into their sector specialist expertise, to help further accelerate the company's online growth, expand its product and category ranges and increase its showroom presence across the UK.”