Poundworld sells majority stake to private equity firm
Poundworld has agreed to a takeover by private equity firm TPG as it looks to enter the next chapter of growth.
However, founder and chief executive Christopher Edwards Sr., chief procurement officer Christopher Edwards Jr., and other senior executives will retain a “substantial” minority equity position in the company.
Founded in 1974 from a market stall, Poundworld serves over two million customers weekly from over 280 sites across its Poundworld and Bargain Buys fascias.
The company said TPG will inject new equity capital to accelerate its store expansion programme, facilitate investments in new distribution facilities and deploy “best in class” retail practices supported by data analytics.
Christopher Edwards Sr. said: “After 40 years of building this great company, I am very excited to have a partner like TPG to support Poundworld’s next phase of growth. They bring with them an extensive and global body of experience in retailing, which will help us to create the infrastructure and develop new capabilities to reach our very ambitious goals.”
The Poundworld headquarters will remain in Normanton in West Yorkshire following the acquisition.
Abel Halpern, a partner at TPG, said, “We see the continuing rise and evolution of the value retailer as an exciting change in the UK retail landscape. Poundworld has succeeded in building one of the leading positions in the market with a focus on consumer preference, convenience and value. With our financial backing and retail experience, combined with Poundworld’s entrepreneurial dynamism and strong brand, the business is now well positioned for continued growth.”
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