NEW YORK – RugsUSA, an e-commerce provider of area rugs and home décor, has signed an agreement with Francisco Partners, a global investment firm that specializes in partnering with technology companies, to make a growth investment in RugsUSA.
“RugsUSa is dislocating the traditional retail experience, and we are excited to be partnering with the company to accelerate growth in core markets and expand into new categories and geographies,” said Christine Wang, principal at Francisco Partners.
As part of the agreement, Comvest Partners, an operationally focused private investment firm, will sell its majority position to Fransisco Partners and keep a minority stake in the business. This pending transaction is expected to close later this year.
“We are thrilled to have Francisco Partners as a strategic partner,” said Vidya Jwala, CEO of RugsUSA. “As we continue scaling our platform, Francisco Partners has deep experience accelerating the growth of other technology and digital commerce businesses and is the perfect partner for us as we enter the next chapter in our journey and look to expand our customer reach in the future.”
Erica Crawford, editorial assistant for Furniture Today, is a recent graduate of the University of Iowa, with a degree in English and a writing certificate in publishing. In addition to bringing her writing talent to the editorial team, Erica will add her late-Millennial perspective.