Poundworld Retail Ltd, a Normanton, West Yorkshire, United Kingdom-based value variety retailer, received a majority investment from TPG.
The amount of the transaction was not disclosed. Following the deal, founder and CEO Christopher Edwards Sr, Chief Procurement Officer Christopher Edwards Jr. and other senior executives will retain a substantial minority equity position in the company.
The company will use the funds to accelerate store expansion nationwide, facilitate investments in new distribution facilities and deploy retail practices supported by advanced data analytics.
Founded in 1974, Poundworld is a value retailer that serves over two million customers weekly from over 280 sites across two distinct fascia.
The company’s main brand, “Poundworld”, is a large single-price discount retailer while its multi-price discount brand, “Bargain Buys”, now trades from over 50 sites nationally.