Private equity firm Advent International has sold Poundland, Europe’s largest single price discount retailer, to private equity firm Warburg Pincus.
The value of the transaction was undisclosed.
Founded in 1990, Poundland is a general merchandise retailer which offers branded and own-label products across a broad range of categories, including health and beauty, household products, food, occasions and entertainment, all at the single price point of GBP1.
The company currently serves almost three million customers a week and is forecast in 2011 to generate revenues in excess of GBP700m.
Advent acquired Poundland in June 2002 having led a management buyout. During its ownership, Advent has grown the business through a store roll-out programme from just 70 stores to more than 260 across England, Scotland, Wales and Northern Ireland.
Jim McCarthy, chief executive officer of Poundland, says: “We have enjoyed continued support and witnessed tremendous growth under Advent’s ownership. Through our partnership, focused around a very successful programme of new store openings, we have brought Poundland’s ‘Amazing Value’ shopping experience to even more customers across the country. This deal is great news for all of our customers, colleagues and suppliers and one that will support our ongoing growth plan.”
Ron Sheldon, managing director, Advent International, says: “The Poundland brand has become synonymous with the value it provides to its many customers and we are proud to have helped the business become what it is today.”
