// Notonthehighstreet has been bought by Great Hill Partners, a US investment firm
// Comes after Notonthehighstreet recorded 50% jump in revenues and almost a million new customers
// The deal will help further Notonthehighstreet’s growth and tech investments
Notonthehighstreet has announced that it has been acquired by US-based growth equity firm Great Hill Partners for an undisclosed sum.
As part of the deal, Great Hill Partners will become the majority shareholder in the online retailer, which specialises in personalised gifts such as books, jewellery, prints and toys.
Existing investors Burda Principal Investments and Industry Ventures will also remain as shareholders in Notonthehighstreet.
READ MORE: Notonthehighstreet mulls £200m sale
The takeover comes after Notonthehighstreet saw revenues surge by more than 50 per cent last year as a result of the Covid-19 pandemic.
The retailer also attracted almost a million new customers, bringing it to a total of 3.6 million, and added 500 new small business partners to its marketplace.
Notonthehighstreet said its investor base will help further advance its growth – expanding its reach in the UK’s small business community, and developing and diversifying the range of products offered through the marketplace in order to meet growing customer demand for categories such as homeware, gardenware, and food & drink.
The transaction with Great Hill Partners is also a catalyst to expedite Notonthehighstreet’s tech and product roadmap for both sides of its business, evolving the experience of its small business partners, and helping customers find products through the evolution of onsite and in-app discovery tools and algorithms.
News of Notonthehighstreet’s potential sale first emerged last October, when the online retailer reportedly drafted in Evercore to work on an auction process.
While the value of Great Hill Partners’ takeover deal could not be disclosed, when the auction process first started in October, reports suggested Nothonthehighstreet could be valued at £200 million.
“Notonthehighstreet has been the online home of the UK’s best creative small businesses since 2006, and business has boomed for our marketplace in the past 12 months,” chief executive Claire Davenport said.
“With more people shopping online and choosing to support small businesses than ever before, Notonthehighstreet has become a go-to platform for people across the UK who are seeking unique ways to improve their home environment, discover new ways to spend their time and find thoughtful ways to stay connected with loved ones.
“We’re incredibly grateful to our founders and past shareholders for all they’ve done for the business to date, and we are delighted to work with digital growth experts Great Hill Partners, Burda and Industry for the next exciting stage of our growth.
“Each brings considerable expertise that will help us to build on the success we’ve seen so far.”
Great Hill has actively invested across ecommerce for nearly 20 years, backing various online marketplaces and retailers, notably Wayfair.