Boston private equity firm Bain Capital has agreed to buy a majority stake in Bob’s Discount Furniture, the retailer known for television commercials featuring founder Bob Kaufman and his “no gimmick” sales pledge on merchandise like the Bob-O-Pedic mattress.
Bain will purchase a controlling interest of the Manchester, Conn., discount furniture business from another private equity firm for about $350 million, according to people with knowledge of the negotiations. Bain said Monday that it agreed to purchase the 47-store company with plans to expand its business into new markets.
The private equity firm has developed deep retail experience by purchasing well-known companies. Now, it will take over a furniture chain that has bombarded television screens with quirky ads for more than 20 years. Full story for BostonGlobe.com subscribers.