Not on the High Street acquired by private equity house

Munich-based private equity boutique Executive Equity Partners (EEP) has acquired Not on the High Street for an undisclosed sum. 

As well as bringing “capital and financing expertise”, EEP has parachuted in new interim leadership who plan to oversee “strategic reprioritisation aimed at stabilising revenues and returning the business to profitability”. Pascal Schuster will take over as chief executive, supported by Christian Sommer as chief financial officer.

Pascal Schuster will take over as chief executive and Christian Sommer will be chief financial officer. Both join Notonthehighstreet from Executive Interim Partners, “a leading provider of interim management services”, and will be shareholders.

Schuster said: “Not on the High Street has a strong brand and a unique community. As the new chief executive, my focus is on setting the right priorities together with the team, strengthening the foundations of the business and guiding the company back onto a path of sustainable growth.” 

EEP partner Christof Wahl said: “We are very pleased to complete EEP’s first international investment. Together with our newly appointed management team, we will systematically drive the turnaround of Not on the High Street and establish a sustainably profitable platform for long-term success. We strongly believe in Not on the High Street’s business model of carefully selecting independent small UK retailers and showcasing them effectively online.”

Not on the High Street was formerly owned by Great Hill Equity Partners and Burda Principal Investments. It was founded two decades ago, serves approximately 14 million UK customers with products from 6,000 partners and has about 70 staff. 

Departing Not on the High Street chief executive Jessica Nesbitt said: “Not on the High Street has achieved a huge amount over the past few years, and I’ve been proud to lead the business through a period of transformation while staying true to our purpose of championing independent brands.

“This acquisition reflects the strength of what we’ve built and the momentum we have created. With the backing of EEP and the appointment of new leadership, Not on the High Street is exceptionally well placed for its next chapter.”