Bathroom retailer Bathstore has been sold in a management buyout backed by US billionaire Warren Stephens.
Warren Stephens, a private equity and banking tycoon from Arkansas, joined forces with Bathstore’s management to acquire the bathroom retailer.
The consortium, led by chief executive Gary Favell, has bought the retailer from turnaround specialist Endless, which has owned the company for the past two years, according to the Telegraph.
It is not clear how much Favell’s team paid for the 170-store retailer but it is understood that Endless made a five-fold return after investing £11m in the retailer.
Stephens is chairman of an investment house that takes his family name. It has interests in private equity, asset management, and insurance. However, the deal was made through a family trust.
The bathroom specialist was put up for sale in January as it hired adviser Rothschild.
Bathstore made a full-year profit of £3.3m in its year to July 2013 as it broke back into the black after making an operating loss of £3.8m the previous year.