Peterborough's Ideal Shopping Direct under new ownership after sale deal
Peterborough-based TV shopping channel Ideal Shopping Direct is under new ownership.
The company, of Newark Road and which employs about 800 people, has been bought by pan-European asset manager Aurelius from US-based Blackstone.
The price paid for Ideal has not been disclosed.
The new owners have already vowed to work with the existing management to push through a transformation programme.
News of the sale comes three weeks after private equity funds manager Blackstone confirmed it was planning to sell Ideal Shopping Direct (ISD) three years after buying it from private equity company Inflexion, which had priced it at Â£200 million.
Tristan Nagler, UK managing director of Aurelius, which has offices in with offices in Munich, London, Stockholm and Madrid, said: "Ideal Shopping Direct is a dynamic company with a loyal customer base, established infrastructure and strong position in two distinct and growing markets within TV shopping; craft and general merchandise, presenting a compelling investment opportunity for Aurelius.
"We look forward to working alongside ISD’s experienced management team to provide the operational and financial support needed to help the business meet its potential.”
He said Aurelius would look to implement a transformation programme to improve the business, boost its UK brand recognition and widen the breadth and quality of its products.
Bill Adams, chief executive of ISD, said: “We are very pleased to be partnering with Aurelius, an investor with proven experience in the craft, TV shopping and omni-channel retail space. Its operational expertise and hands-on approach will significantly benefit ISD as we seek to reposition our business and achieve our growth objectives going forward.”
Ideal Shopping Direct, which designs and sells lifestyle and crafting products through TV shopping channels, social media platforms, websites and live events, has more than 600,000 customers and last year had revenues of Â£145 million.
It has two flagship channels, Ideal World and Create & Craft which deliver video content across both the UK and the US.