US private equity firm acquires majority stake in Notonthehighstreet
US private equity firm Great Hill Partners has acquired a majority stake in UK online marketplace Notonthehighstreet.
Notonthehighstreet said the move will help it to expand its reach in the UK’s small business community and develop and diversify its product range as it looks to meet growing demand for categories such as homewares, gardenware, and food and drink.
Existing investors Burda Principal Investments and Industry Ventures will remain as shareholders following the acquisition.
Claire Davenport, chief executive of Notonthehighstreet, said: “Notonthehighstreet has been the online home of the UK’s best creative small businesses since 2006, and business has boomed for our marketplace in the past 12 months. With more people shopping online and choosing to support small businesses than ever before, Notonthehighstreet has become a go-to platform for people across the UK who are seeking unique ways to improve their home environment, discover new ways to spend their time and find thoughtful ways to stay connected with loved ones.
“We’re incredibly grateful to our founders and past shareholders for all they’ve done for the business to date, and we are delighted to work with digital growth experts Great Hill Partners, Burda and Industry for the next exciting stage of our growth. Each brings considerable expertise that will help us to build on the success we’ve seen so far.”
Great Hill has has been investing in digital businesses for nearly twenty years and has backed companies such as Momondo Group, Wayfair and The RealReal.
Michael Kumin, managing partner at Great Hill, said: “While ecommerce adoption has accelerated over the last twelve months, Notonthehighstreet’s focus on curating products from the UK’s best small businesses has enabled the company to stand out. We are excited to help the company build upon its current momentum and expand the Notonthehighstreet online marketplace to a growing number of UK consumers and small business partners.”
Notonthehighstreet was founded in 2006 by Holly Tucker and Sophie Cornish and was previously backed by Index Ventures, Venrex and Eight Roads Ventures, as well as Burda Principal Investments and Industry Ventures. The company’s revenues rose more than 50% in the last year as it grew its customer base by almost one million.
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