Boston private equity firm Bain Capital has agreed to buy a majority stake in Bob’s Discount Furniture, the Manchester, Conn., chain known for its quirky television commercials starring cofounder Bob Kaufman.
Financial terms of the deal were not disclosed.
Bob’s chief executive officer Ted English is expected to remain with the company after the acquisition. English was previously chief executive of TJX Companies Inc., the Framingham corporation that operates T.J. Maxx.
Bain has previously bought into retail brands with its interest in Michaels Stores, Dunkin’ Brands Group, and Burlington Stores. In a release Monday, Bain said it would build on Bob’s reputation for affordable furniture.
“We believe the company’s quality furniture at deep value fills an important need in the market today, and along with the authenticity of the Bob’s brand, should drive sustainable growth for years to come,” said Tricia Patrick, a principal at Bain.
Bob’s currently operates 47 stores across the northeast and mid-Atlantic region and has become the 16th biggest US furniture chain. The deal with Bain is expected to close in the first quarter of the 2014.
Michael B. Farrell can be reached at firstname.lastname@example.org.