Rugs Direct announces capital infusion
Online retailer Rugs Direct has announced that it has received an investment from a private equity firm.
The investment of an undisclosed size will help fuel growth, according to the Winchester, Virginia-based retailer. “L2 Capital is a terrific partner for Rugs Direct due to their in- house operational and e-commerce expertise, as well as their external consumer product and direct-to- consumer marketing resources,” said David Craig, co-owner of Rugs Direct.
“This partnership places Rugs Direct in an outstanding position for growth and continued leadership in the home-décor market,” said Randy Kremer, Rugs Direct’s other co-owner. “We’ve learned a lot and have been very successful in our first 20 years of e-commerce. In partnership with L2, the sky’s the limit.”
The Winchester, Virginia-based retailer lays claim to the distinction of being the county’s leading online retailer of area rugs, throw rugs and rug runners. Founded in 1997, Rugs Direct offers some 180,000 different SKUs and receives over 46 million page views annually by consumers, home decorators and professional interior designers, the company said.
Bob Levine, managing partner of Devon, Pennsylvania-based L2 Capital, said, “We are very excited to be able to support such a successful company and group of managers. Together, with the assistance of the world-class board of directors we’ve assembled, we’re optimistic we’ll be able to build upon the company’s current growth trajectory.”
L2 Capital Partners specializes in making controlling or minority investments in business service, consumer product and manufacturing companies with enterprise values up to $60 million.
