Bed specialist Dreams has been bought by private equity specialist Exponent for an undisclosed sum.
Dreams founder Mike Clare – who set up the retailer in 1987 – has retained a non-controlling, but "substantial", stake and takes up a new non-executive role as president.
Clare said: “Dreams is a huge success story with so much still to do, which is why I was so keen to stay involved with the business. I am very confident in the team we have in place to run Dreams and take us to the next level.”
As part of the deal, former DSGi chief executive John Clare joins as non-executive chairman. He said: “This is a fantastic business with exciting plans for the future and I am delighted to be part of the Dream team.”
The Dreams management team will remain in place, led by new chief executive Nick Worthington. He said: “Our partnership with Exponent and the addition of John to the board will help us strengthen our position as the UK’s destination for beds. We have very attractive growth opportunities in the UK and expansion into both mainland Europe and the Middle East are likely to feature in our plans as we aim to replicate our domestic success internationally.”
Funding will be provided by Exponent, which also owns the Radley bags and accessories business. The management team will also re-invest in the business.
Hugh Richards of Exponent said: “We are very pleased to back Nick and his team. They have produced industry beating figures year on year and the growth prospects are very exciting.”
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