BOSTON: Stanton Public Relations & Marketing is providing communications support to Bain Capital during its acquisition of Bob's Discount Furniture.
PR and social media firm Full & By is advising the furniture chain.
Bain has been a client of Stanton PR for about 10 years, and Full & By has worked with Bob's Discount Furniture for more than two years.
Bain said Monday that it had agreed to buy a majority stake in the furniture retailer from private equity firm KarpReilly/Apax. The companies did not disclose financial terms of the deal, but media outlets including The New York Times and The Boston Globe reported the figure as $350 million.
Bob's Discount Furniture's management team will continue to own a “significant” stake in the business, and Ted English will remain CEO, the company said in a statement. The deal is expected to close in the first quarter of 2014.
The acquisition comes as Bob's Discount Furniture prepares to expand in the US, planning to open three stores in the Philadelphia area in February. The Manchester, CT-based retailer has 47 locations and is the 16th-biggest US furniture chain.
Bob's Discount Furniture is known for its quirky TV commercials featuring founder Bob Kaufman. The company also offers family-friendly amenities in stores, such as complimentary ice cream and video arcades.
Based in Boston, Bain manages more than $70 billion in assets. In December, the private equity firm also agreed to buy Canadian retailer Canada Goose and Japanese online market research company Macromill.
Bain, which was co-founded by 2012 Republican presidential nominee Mitt Romney, has invested in companies including Michaels Stores, Burlington Stores, Dunkin' Brands, and Outback Steakhouse.