Homewares wholesaler Florabelle sells majority stake to Anacacia Capital
Anacacia Capital, a private equity firm managing $800 million, has acquired a majority stake in Florabelle, a 42-year-old Australian homewares wholesaler. The investment was made alongside Florabelle’s founders and led by Anacacia's investment director Martin Kaplan.
Transaction snapshot
Deal value: N/A
Deal multiples: N/A
Deal type: Majority stake acquisition
Investors: Anacacia Capital
Founded in 1982, Florabelle supplies artificial flowers, designer lighting, furniture, and home textiles to retail homeware stores, gift shops, and interior designers across Australia. The company is known for its extensive range of homewares, including marble accents and decor products.
While the deal’s price was not disclosed, Anacacia typically invests in profitable businesses with annual revenues between $20 million and $500 million, supporting growth and founder succession.
This is Anacacia’s first venture into the homewares sector. However, the firm has a strong track record with consumer brands such as Rafferty’s Garden and Yumi’s Quality Foods. Earlier this year, Anacacia invested in MGI Golf, an electric golf buggy maker, with price expectations around $100 million. Both investments were made from its Fund IV.
Private equity’s experience in the homewares and furniture market has been mixed. Perennial-backed Brosa collapsed last year with $24 million in debts, and growth at Koala, a mattress and furniture company, has slowed. Meanwhile, listed companies like Nick Scali and Temple & Webster have experienced contrasting fortunes in the sector.
Anacacia continues to raise funds for its buyout Fund IV, targeting $450 million after an initial close between $100 million and $150 million in October 2023.
