UPDATED: Bathroom etailer Victoria Plumb has confirmed it has secured “significant” investment from private equity firm TPG.
The deal is thought to be worth around £200m.
TPG is thought to have acquired a majority stake in Victoria Plumb. The deal was handled by accountancy firm KPMG.
Founders the Walker family, who bought the MFI brand out of administration in 2010 to run it as an online retailer, will continue to co-own it. They subsequently also bought the Focus DIY brand when it folded.
Brothers Sean and Jason Walker set up Victoria Plumb in 2001. Sales jumped 37.9% to £26.2m in its most recent published accounts for the year to February 2013 and pre-tax profits increased 25% to £6m.
Turnover is understood to have grown to £75m in the year to February 2014.
Victoria Plumb chief executive Jason Walker said: “For 15 years we have been committed to delivering quality products to our customers and making a real mark on the UK bathroom retail sector. With TPG we have found a highly experienced, long-term partner with the right digital DNA to help us achieve our maximum potential.”
Malte Janzarik, Principal at TPG Capital, said: “We have been looking for high growth companies that fit into our investment theme of digital disruption. Victoria Plumb represents an exciting opportunity to build one of the leading e-commerce companies in the UK. We are excited to back Jason as CEO and to partner with the Walker family to take the business to the next level.”