Private equity firm Bain Capital is buying a majority stake in Bob’s Discount Furniture.

Bob’s, headquartered in Manchester, Conn., sells living room, bedroom, dining room and office furniture. The retailer also sells accessories, including rugs and artwork. Bob’s landed on Mergers & Acquisitions’ Companies for Sale list on Oct. 18

The chain has 47 stores located in the northeast and mid-Atlantic U.S. Terms of the deal were not disclosed. Bob’s management team will retain a significant stake in the company after the deal closes.

The deal marks an exit by Greenwich, Conn.-based KarpReilly LLC and London-based Apax Partners, private equity firms that have held the majority stake in Bob’s for the past nine years.

The deal is expected to close in the first quarter of 2014.

This is not Bain’s first time investing in retail and consumer businesses – the Boston-based private equity firm has also invested in Michaels Stores, Dunkin’ Brands Group, Bombardier Recreational Products, Outback Steakhouse, Burlington Stores, Dollarama and Samsonite International. In December, Bain grabbed a majority stake in Canada Goose, a Canadian outerwear company. 

Bank of America Merrill Lynch is acting as the target’s financial adviser, while Ropes & Gray LLP is providing legal advice. Kirkland & Ellis LLP is serving as Bain’s legal adviser, while PwC LLP is providing accounting advice. RBC and UBS are providing financing for the deal. 

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