Home Decor Secures $65m in Funding
Home Décor Products, Inc. Secures $65 Million in Private Funding
Financing, led by 3i Venture Capital, to fuel continued company growth
19 December 2006 - Home Décor Products, Inc., a leading pure-play online retailer of kitchen and bath products, appliances, and related items for the home, today announced that it has secured a capital investment of $65 million. The funding will be used for working capital and to support the Company’s strategic growth initiatives.
The financing was led by 3i Venture Capital, a leading private equity and venture capital firm, and also included Liberty Associated Partners and Comcast Interactive Capital. All are new investors in Home Décor Products. RBC Capital Markets acted as exclusive private placement agent for Home Décor Products on this transaction.
“Home Décor Products is a unique platform that brings together manufacturers of products for the home with the people who want to buy those products,” said Michael Golden, CEO of Home Décor Products. “We have succeeded in building our business on that foundation, and this round of financing will take us to the next level by enabling us to leverage and exploit our ecommerce platform by expanding deeper into existing categories and entering new, complementary categories.”
“We, at 3i, believe Home Décor Products has a unique value proposition in the online retail sector today and a business strategy which will allow the Company to take advantage of an enormous market opportunity,” said David Silverman, Partner, 3i. “Led by a seasoned management team, Home Décor Products has already established a strong foundation in the marketplace and we are confident in the Company’s ability to execute on plans for expansion.”
Home Décor Products also announces the appointment of the following individuals to the Company’s board of directors: Richard Goldstein, Managing Director of Liberty Associated Partners, LP; Robin Murray, Partner, 3i; and David Silverman, Partner, 3i. They join existing board members Seymour Holtzman, its chairman, and CEO Michael Golden.
About Home Décor Products, Inc.
Home Décor Products, Inc., a leading pure-play online retailer of kitchen and bath products, appliances, and related items for the home, operates ten websites focusing on different segments of that market. Those websites are:www.HomeClick.com, www.AbsoluteHome.com, www.Barbecues.com,www.KnobsandThings.com, www.Hechinger.com, www.PoolClick.com,www.ChefsCorner.com, www.Cliquidate.com, www.ChristmasCatalog.comand www.NationBlinds.com.
HomeClick, Home Décor Products first website, serves as the flagship retail outlet for the Company. The site boasts a strong catalogue of top home products manufacturers at competitive prices, including Toto, Jado, Herbeau, Lenox, Waterford, Versace, Quoizel, Viking, and more.
Home Décor Products, Inc. is an authorized dealer offering more than 550 luxury branded kitchen, bath, hardware, lighting, tableware, fireplace, outdoor and home décor products at competitive prices. Home Décor Products, Inc. also sells its products in the B2B market, operating a Professional Partnership Program comprised of more than 5,000 architects, designers, general contractors and builders.
HomeClick.com, Absolutehome.com, KnobsandThings.com, Hechinger.com, PoolClick.com, ChefsCorner.com, Cliquidate.com, ChristmasCatalog.com and NationBlinds.com are either registered trademarks or trademarks of Home Decor Products, Inc. in the United States and/or other countries. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
3i is a world leader in private equity and venture capital. We focus on Buyouts, Growth Capital and Venture Capital and invest across Europe, in the United States and in Asia. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. These underpin the value that we deliver to our portfolio and to our shareholders.
3i’s Venture Capital partners focus on investing in scaleable seed to later stage and start-up and early-stage technology and healthcare businesses on a global basis. The business currently manages investments across Europe, US, Asia and Israel, valued at over $1B. 3i VC plans to invest $1.5B funds over the next five years in exciting and ambitious companies in three main areas: healthcare (medtech and biotech), consumerization of IT (telecommunications, Internet, media and electronics /semiconductors) and the clean technology sector.