Online marketplace Not on the High Street (NOTHS), which has around 14 million UK customers and approximately 6,000 “curated premium partners”, has been acquired by Munich-based private equity firm Executive Equity Partners (EEP).
EEP, which acquired 100% of the business from Great Hill Equity Partners and Burda Principal Investments, specialises in “transformative investment situations” and will now implement “strategic reprioritisation” aimed at stabilising revenues and returning the platform to profitability.
Founded in 2006, NOTHS is based in Richmond, Greater London, and employs around 70 people.
Under its new EEP ownership, and “against the backdrop of a challenging market environment”, the company will now sharpen its strategic focus for the next phase of its development.
In addition to capital and financing expertise, EEP is bringing in experienced executives from Executive Interim Partners (EIP), a leading provider of interim management services.
Two EIP partners will assume operational leadership at NOTHS and will also become shareholders: industry expert Pascal Schuster will take over as CEO, supported by Christian Sommer as CFO.
Pascal Schuster said: “NOTHS has a strong brand and a unique community. As the new CEO, my focus is on setting the right priorities together with the team, strengthening the foundations of the business and guiding the company back onto a path of sustainable growth.”