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Notonthehighstreet has been acquired by Great Hill Partners, an American investment firm.
The online gift retailer was founded in 2006 by Holly Tucker and Sophie Cornish, employs more than 150 and manages a marketplace of more than 5,000 small businesses selling more than 250,000 products.
The business has seen a sales boom during the pandemic as more consumers turn to online shopping, with company revenues rising by more than 50% and Notonthehighstreet taking on 500 new small business partners.
Great Hill Partners has taken over 100% of the online retailer’s operations from its previous equity owners, as part of a deal with Burda Principal Investments and Industry Ventures, which were already investors.
The firm did not reveal how much it paid to acquire the business, but early reports indicated that the retailer was expected to attract offers of about £150m.
Claire Davenport, the retailer’s chief executive, said: “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 Great Hill Partners, Burda and Industry for the next exciting stage of our growth.”
