Following wide interest, the price has risen from the early estimates of £70 million.
A number of other firms were interested in Hobbycraft, including motoring and cycling retailer, Halfords and private equity group Exponent.
Blackstone, owner of the US group Michaels, another arts and crafts retailer, also made the shortlist of bidders, didn't submit a final bid.
HobbyCraft is being sold by the Haskins family, who have been considering a private equity-backed management buy-out, led by Chris Crombie.
The retailer told The Financial Times: "HobbyCraft ... confirms that it has entered exclusive discussions with European private equity firm Bridgepoint to back the management on an acquisition of the business. An update on the sale process will be issued in due course."