Rugs Direct, founded in 1997, is a leading online retailer of area rugs, throw rugs and rug runners, with some 180,000 different SKUs available for purchase throughout North America. The company's website, www.RugsDirect.com, receives over 46 million page views annually by consumers, home decorators and professional interior designers.
Bob Levine, managing partner of 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."
David Craig, co-owner of Rugs Direct, noted, "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."
"This partnership places Rugs Direct in an outstanding position for growth and continued leadership in the home-décor market," added 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," said Kremer. "In partnership with L2, the sky's the limit."
L2 Capital Partners, a private equity firm based in Devon, Pennsylvania, is a lower middle market private equity family office that specializes in making controlling or minority investments in business service, consumer product and manufacturing companies with enterprise values up to $60 million. L2 Capital adds value by helping business executives and owners meet their strategic and financial goals by providing access to professionals and resources gained over 40 years of principal investing experience.