Bazaar Group, a market-leading furniture manufacturer and ecommerce retailer based in Cramlington, Northumberland, has secured a multi-million pound investment from Comhar Capital as part of a GBP10 million deal to support its international growth plans.
Through the investment Comhar Capital has acquired a majority share in the business. The funding will support Bazaar Group’s future market development which is focused on international expansion, particularly new ecommerce platforms in the UK and Europe in order to address a growing online consumer audience.
Bazaar Group was established in 2005. The company has grown to become a soft seating category leader under the guidance of Jayne and Mark Dolder. Both founders will retain a significant stake in the business.
The Bazaar Group has grown steadily over the past 15 years and is expecting revenues approaching GBP15m in 2021. The business consistently ranks as a top performer on large ecommerce platforms such as Amazon, eBay and Wayfair. Complementing this has been the growth in their own online channel which showcases its range of soft seating in-house designs.
The business has focused upon combining in-house design and manufacturing with a highly effective fulfilment and customer service operation. Employing 51 people across a range of disciplines the Bazaar Group is an award-winning business both regionally and internationally.
Comhar’s involvement is focused upon helping the business continue its growth trajectory whilst assisting in the next phase of its operational development.
Mark Dolder, CEO of the Bazaar Group, says, “Jayne and I are very proud of what we and the rest of the team have achieved with Bazaar Group but there was always a time when direct external support was going to be required. We’re delighted to be partnering with Comhar Capital who share our vision and philosophy. Comhar’s hands-on approach and focus on supporting teams and people is very much in line with the way we think.”
Craig Wilkinson, Managing Director at Comhar, says: “The Bazaar Group is an ecommerce retail treasure and one that continues, during a time of worldwide disruption, to meet and surpass its own targets. Mark and Jayne’s approach to business is inspirational and we’re really looking forward to working with them and the team to support Bazaar Group through the next stage of its journey.”
This is the fifth investment from Leeds-based Comhar (pronounced ‘core’) which was established during 2018 by Neil Armstrong and Craig Wilkinson. The company, named after the Gaelic word for ‘partnership’ has been established as an independent direct capital investment business targeting SMEs run by forward-thinking, growth orientated managers. Both Neil and Craig will join the Board of the Bazaar Group.
Vendor advisory support for the transaction was provided by Cavu Corporate Finance (Shawn Bone, Sahil Nayyar, Thomas Brunsnes) and Ward Hadaway (Katherine Hay-Heddle, Clare French).
Shawn Bone, Managing Director at Cavu Corporate Finance, says: “Bazaar Group is a fantastic North East success story and Cavu Corporate Finance was delighted to act for the founders, Mark and Jayne, in what is an important milestone for them personally and the business.
With values and ambitions that align strongly with those held by Mark and Jayne, Comhar are the ideal partner to build an even stronger and more sustainable business. We wish them every success as they write this exciting new chapter.”
Investor advisory support for the transaction was provided by Rycroft Glenton (Grahame Maughan, Andrew Cameron) and RPC (Jeremy Cunningham, Ella Shanks).
Source: Private Equity Wire
