The Shade Store to Be Acquired by Leonard Green & Partners
Private equity investment firm Leonard Green & Partners has signed a definitive agreement to acquire The Shade Store from Great Hill Partners, which acquired a majority stake in the family-run custom window treatment retailer in 2013, in partnership with company cofounders Adam Gibbs, Ian Gibbs, Greg Spatz and Zach Gibbs.
“We are expanding our vision nationally, and we see tremendous opportunities to continue our growth,” says CEO Adam Gibbs, who will continue to lead the chain’s existing management team. Specifically, Gibbs foresees “entering additional sales channels, launching brand extensions, and expanding our strategy into adjacent categories.”
Kris Galashan, partner at Leonard Green & Partners, adds, “We are thrilled to invest and partner with the management team as they continue building this outstanding franchise.”
Terms of the deal, which is expected to close during the third quarter of 2018, were not disclosed. But published reports estimate the value of the transaction at approximately $325 million.
The Shade Store currently operates more than 60 showrooms nationwide, offering more than 1,400 in-stock fabrics and exclusive collections from brands such as Kravet and Sunbrella, and designers including Nate Berkus and Jonathan Adler.