Bob’s Discount Furniture announced the signing of a definitive agreement to sell a majority stake in the company to Bain Capital, a global private investment firm. The management team will continue to own a significant stake in the company. Financial terms of the private transaction were not disclosed.

BofA Merrill Lynch is serving as financial advisor, and Ropes & Gray is acting as legal counsel to Bob’s Discount Furniture. Kirkland & Ellis is serving as legal counsel, and PwC is serving as accounting advisor to Bain Capital. Financing is being provided by RBC and UBS.

“We are thrilled to partner with Bain Capital, a firm that has been investing in great retail businesses and consumer brands for decades,” said Ted English, CEO of Bob’s Discount Furniture, who will continue to lead the company. “Bain Capital brings the experience and resources we need to support our continued expansion to serve more customers in more places, and to provide opportunities for advancement for our people.” The business has been majority owned by private equity firm KarpReilly/Apax for the past nine years.

Bain Capital has a history of successful investments in a variety of retail and consumer businesses, including Michaels Stores, Dunkin’ Brands Group, Bombardier Recreational Products, Outback Steakhouse, Burlington Stores, Dollarama, and Samsonite International.

“We are excited to partner with Ted English and the great management team at Bob’s Discount Furniture to support continued growth in this dynamic business,” said Tricia Patrick, a principal at Bain Capital. “We believe the company’s quality furniture at deep value fills an important need in the market today, and along with the authenticity of the Bob’s brand, should drive sustainable growth for years to come. We look forward to supporting the management team in executing their plan to grow and offer more customers the opportunity to shop at Bob’s Discount Furniture.”

Bob’s Discount Furniture also shares with Bain Capital a deep commitment to community involvement. Bob’s Discount Stores supports the communities where its stores are located through a variety of charitable giving efforts to social service agencies, charities, group homes and community fundraisers, children’s charities, schools and community service groups. Through the Bain Capital Community Partnership, the firm and its employees have provided time, expertise and financial resources to hundreds of nonprofit organizations around the world.

The transaction is expected to close during the first quarter of 2014.

Manchester, CT-headquartered in Bob’s Discount Furniture provides a wide variety of furnishings, including living room furniture, bedroom furniture, dining room furniture, mattresses/foundations and home accents, at value prices.