US private equity firm Carlyle has bought the Barclay family out of The Very Group.
The Nasdaq-listed company has completed a deal for the Liverpool-headquartered online retailer, which operates the Very and Littlewoods brands and offers customers flexible payment options.
The deal will see international media group IMI continue as a key stakeholder and concludes the Barclay family’s 20-year involvement in the business.
During that time, it has evolved from a traditional catalogue business into a purely online retailer.
“Carlyle, in collaboration with IMI, will support the company’s management team to continue to deliver against its strategic priorities, including driving innovation and leveraging technology and data to improve its customer offering,” stated Very.
It added that the deal will give it a strengthened capital base and enhanced financial flexibility to support investment in its long-term growth plans.
Carlyle first invested in The Very Group in 2021.
In October, the firm reported record earnings growth, driven by strong performance from both its retail and financial services businesses.
Robbie Feather, group CEO, said: “This marks an important milestone for The Very Group as we move into an exciting new phase of growth. We are delighted to continue to partner with Carlyle and IMI.
“Their continued backing provides us with a stronger foundation to execute on our strategy, increase investment in technology and the customer experience, and to build on the momentum across the business.
“I’d like to thank the Barclay family for their stewardship and contribution to the Company over the past two decades.”