Notonthehighstreet bought by US investment firm
E-tailer Notonthehighstreet (NOTHS) has been acquired by US investment firm Great Hill Partners following a buoyant period in which its sales rose strongly due to physical store lockdowns.
The new owner has taken 100% control alongside existing investors Burda Principal Investments and Industry Ventures. Other previous investors Index Ventures, Venrex and Eight Roads have sold their stakes
No purchase price been disclosed but there had been talk of offers being expected in excess of £150 million. Great Hill has been extremely active in e-commerce and has previously backed Momondo Group, Wayfair and The RealReal.
A deal had been rumoured for some time and it was always likely that it would be bought given the powerful momentum NOTHS has been enjoying.
CEO Claire Davenport told The Times that the takeover would help the company expand both in terms of the businesses that sell via the site and the product categories it offers. She 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.”
The pureplay online retail marketplace is all about gifts, especially personalised ones, and its offer includes jewellery, homewares, fashion, beauty and more.
With over 5,000 small businesses selling via the site, sales of such products have risen more than 50% in the past year, the newspaper said, as it drew in 1 million+ new customers and over 500 new small businesses signed up to sell their wares there.
It has also benefited from the patronage of celebrity customers, among the 3.6 million people who shop there, including the Duke and Duchess of Cambridge.
The London-based company was launched in 2006 by Holly Tucker and Sophie Cornish. It currently employs around 150 people.
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