New York City -- Sur La Table has been acquired by Investcorp, a global asset management firm. The Seattle-based retailer, which specializes in kitchen goods, operates 86 stores nationwide.
Investcorp acquired Sur La Table from the Behnke family and investment firm Freeman Spogli & Co., who will both remain as investors in the kitchen goods retailer. Terms of the deal were not disclosed. No management changes are expected.
"We believe that Sur La Table is well positioned in its existing markets and has multiple opportunities for growth including new store expansion and e-commerce." said Kevin Nickelberry, a managing director at Investcorp, which is based in Bahrain.
Industry experts speculated that the new owners would drive expansion. Sur La Table is on track to open nine stores this year, including its third location in Manhattan. The store will be the first of Sur La Table’s Big Apple units to offer the retailer’s signature cooking class program.
"Private-equity firms typically only buy retailers that they know they can grow, and this is definitely a chain that can grow," said Jeff Green, a Phoenix-based retail consultant, in The Seattle Times. "I'm sure you'll see its expansion continue, and maybe even increase."
Investcorp’s past investments include luxury brands Gucci and Tiffany & Co.