Bridgepoint secures exclusive talks with Hobbycraft

The private equity group is in discussions to acquire the retailer for over £100 million.
Author:
Publish date:
3954_mypictr_300x300.jpg

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."

Related

Featured Jobs

Copyrights Group

Marketing Manager

The Copyrights Group is one of the licensing arms within The Vivendi Group. Acquired by Vivendi in 2016 Copyrights manages the licensing for a portfolio of properties to include Paddington Bear. Some of the other companies within the Vivendi Group include Universal Music Group, and their licensing arm Bravado, Gameloft and Studiocanal to name a few.