BGF has announced the exit of its minority investment in Primrose, Europe’s largest online garden products retailer, as the business is acquired by Rockpool Investments.
BGF invested £4m in the Reading-based company in 2012 to support the acceleration of Primrose’s growth plans. The business was founded and run by entrepreneurial husband and wife team, Ian and Erica Charles, who had the overriding objective to create the UK and Europe’s most successful independent online ‘one-stop garden shop’.
Primrose quickly established itself as the market leader in its segment, more than tripling its revenues since 2012 and now selling over 10,000 garden and outdoor leisure products direct to consumers through its UK and European websites.
James Austin, BGF, said: “Primrose has become the front-runner in the fast-paced and dynamic e-commerce market for garden products, using our investment to help scale the business. We are very pleased to have been able to support Ian and Erica and we look forward to seeing Primrose go from strength to strength as it enters its next stage of growth.”
Last month, BGF announced the exit of its investment in employee benefits firm Benefex – the first business to be backed by BGF – to Bain Capital. Since inception, BGF has invested in almost 30 direct and multichannel retail companies, including sports protection brand Ruroc, health and wellbeing retailer Revital and healthy eating company Muscle Food.