Notonthehighstreet, the renowned online retailer recognized for its extensive collection of unique gifts and customized items, has recently undergone a significant change in ownership. The US-based investment firm, Great Hill Partners, has acquired full control of the company, alongside existing investors Burda Principal Investments and Industry Ventures. This move comes on the heels of a period of remarkable sales growth for Notonthehighstreet, a trend largely attributed to the impact of physical store closures during the global pandemic.
While the specific purchase price has not been disclosed, reports suggest that offers for the acquisition surpassed a staggering £150 million. This marks a major milestone for Notonthehighstreet, as it paves the way for new opportunities and developments under the leadership of Great Hill Partners.
Great Hill Partners, known for its successful investments in prominent e-commerce entities such as Momondo Group, Wayfair, and The RealReal, brings a wealth of experience and expertise to the table. CEO Claire Davenport has expressed enthusiasm about the acquisition, citing the potential for expanding the company’s network of sellers and diversifying its product offerings.
Established in 2006 by co-founders Holly Tucker and Sophie Cornish, Notonthehighstreet has evolved into a premier destination for consumers seeking one-of-a-kind presents and personalized goods. The platform boasts a diverse array of over 5,000 small businesses showcasing a wide range of items, from jewelry and homewares to fashion and beauty products.
Despite the challenges posed by the pandemic, Notonthehighstreet has experienced a notable surge in sales, with an impressive growth rate of over 50% in the past year. This period has seen the company attract over 1 million new customers and onboard over 500 fresh small businesses. Notonthehighstreet has also caught the eye of celebrities, with the Duke and Duchess of Cambridge among its notable clientele.
Backed by the support of Great Hill Partners and its existing investors, Notonthehighstreet is well-positioned for sustained growth and prosperity in the competitive online retail landscape. This acquisition symbolizes a new beginning for the company as it leverages its momentum to expand its presence and solidify its position in the ever-evolving e-commerce sector.
To explore the wide range of unique products offered by Notonthehighstreet, visit their website here. For more information on Great Hill Partners and their investment strategies, click here.
