The Paper Store, a specialty gift store based in Acton, Massachusetts, has received a minority growth equity investment from WestView Capital Partners. The Paper Store will continue to be majority-owned and operated by its existing management team.
The Paper Store, LLC (“The Paper Store”, or the “Company”), a leading specialty gift store based in Acton, Massachusetts, announced today that it has received a minority growth equity investment from WestView Capital Partners, a Boston-based private equity firm focused on lower middle market companies. The Paper Store will continue to be majority-owned and operated by its existing management team.
Founded in 1964, The Paper Store has evolved from a local store selling pager goods and stationery to a sophisticated omnichannel retailer with a broad array of merchandise for every gift giving occasion. The Paper Store has become the place to go for great brands such as Alex & Ani, Vera Bradley, Yankee Candle, and Hallmark cards. Led by founder and CEO Bob Anderson, the Company has more recently expanded outside Massachusetts and grown from 28 stores to over 50 stores in the last three years and established itself as a premier gift store destination.
“Over the years, The Paper Store has continuously evolved and improved to provide its customers with a unique gift store destination for all occasions and an unparalleled shopping experience,” said Bob Anderson, Founder and CEO of The Paper Store. “Our partnership with WestView adds significant experience in helping growth companies such as ours to achieve their strategic objectives and will support our continued rapid growth and expansion in the years to come”.
“We are excited to partner with The Paper Store team as they continue to provide their customers with a unique merchandise offering for all gift giving occasions and capitalize on expansion opportunities in both new and existing markets,” said Carlo von Schroeter, Managing Partner of WestView Capital, who will join the board of The Paper Store. “Our minority investment in The Paper Store exemplifies our flexible approach to investing behind talented and passionate owner operators and management teams.”
Piper Jaffray & Co. acted as exclusive financial advisor to The Paper Store.
About The Paper Store, LLC:
The Paper Store is a leading specialty gift retailer with stores located throughout New England. The Paper Store offers gifts and more for every gift giving occasion, including greeting cards, jewelry, fashion apparel and accessories, children’s products, sports apparel, stationery and books among many other product categories. For more information, please visit http://www.thepaperstore.com/
About WestView Capital Management, Inc.: WestView Capital Partners, a Boston-based private equity firm focused exclusively on lower middle market growth companies, manages approximately $1 billion in capital across three funds. WestView partners with existing management teams to sponsor majority and minority recapitalizations, growth, and consolidation transactions in a wide range of industries including consumer/retail, , business and technology services, software, industrial/manufacturing, and healthcare services. WestView invests in companies with operating profits between $3 million and $20 million with investment sizes ranging from $10 million to $50 million.