Leonard Green Buys The Shade Store

Leonard Green & Partners has signed an agreement to acquire The Shade Store, a provider of custom window treatments, from Great Hill Partners which acquired a majority stake in the company in November 2013 in partnership with the company’s co-founders Adam Gibbs, Ian Gibbs, Greg Spatz and Zach Gibbs.

The Shade Store provides custom shades, blinds and drapery to consumers and trade professionals including direct access to its products, exclusive materials, design consultants, and measurement and installation services. The company has more than 1,400 in-stock fabrics and materials that provide customers with an extensive level of style and customization options. All products are shipped free within ten days or less.

The Shade Store, led by CEO Adam Gibbs, has over 60 showrooms nationwide and is headquartered in Port Chester, NY (www.theshadestore.com).

“We set out to change the way people shop for the finest custom shades, blinds, and drapery by simplifying and bringing style to a complicated and time-consuming process without sacrificing quality,” said Mr. Gibbs. “We are expanding our vision nationally, and see tremendous opportunities to continue our growth by entering additional sales channels, launching brand extensions and expanding our strategy into adjacent categories. And, of course, we will remain focused on delivering quality, value and service to our customers.”

Mr. Gibbs and other members of the senior management team will continue to run the business under Leonard Green ownership. “Adam and the entire team at The Shade Store have built an impressive business with considerable runway to continue growing by delivering unsurpassed value to custom window treatment customers,” said Kris Galashan, a Partner at Leonard Green. “We are thrilled to invest and partner with the management team as they continue building this outstanding franchise.”

Leonard Green invests in middle-market companies in a variety of situations including traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm’s most recent fund, Green Equity Investors VII LP, closed in 2016 with $9.6 billion of committed capital. Leonard Green was founded in 1989 and is headquartered in Los Angeles (www.leonardgreen.com).

“We have enjoyed an outstanding partnership with Adam, the other co-founders and the entire Shade Store management team, supporting the company’s evolution into the leading retailer of custom window treatments nationwide,” said Peter Garran, a Partner at Great Hill.  “The business has added 50 additional showrooms since our investment, and continued its unmatched omnichannel approach with a tireless focus on service that had previously been lacking in the window treatment market.”

Great Hill typically invests from $25 million to $200 million in companies that are active in the business-to-business and business-to-consumer industries including software, financial and healthcare technology, digital media, e-commerce, and internet infrastructure. In February 2017, Great Hill held a first and final closing of Great Hill Equity Partners VI LP, at the hard cap of $1.5 billion. The firm was founded in 1998 and is based in Boston (www.greathillpartners.com).

Barclays is the financial advisor to Great Hill Partners and this transaction is expected to close during the third quarter of 2018.

© 2018 Private Equity Professional | August 10, 2018

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