DFS sold to private equity firm
Advent International has agreed to acquire DFS for an undisclosed sum.
Former Alliance Boots chief executive Richard Baker, an Advent operating partner, will take over from founder Lord Kirkham as chairman. Kirkham will retain a stake in the 74-stores business.
The sale of the retailer is one of the biggest private equity deals this year and was been announced only weeks after Lord Kirkham was quoted as saying “I am categorically not interested in selling the business. I don’t need the money. I’m loaded”.
Lord Kirkham said in an announcement released today, "Advent's investment in DFS is undoubtedly the start of an exciting new phase in the company’s development. DFS’s people, who have worked with me to grow the business to where it is today, are its most valuable asset. It is clear to me that Advent recognises this and their plans to expand DFS will continue to offer great career opportunities for everyone.”
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