Next Capital has taken a stake in designer furniture supplier GlobeWest.
The Sydney lower mid-market private equity firm has invested an undisclosed sum from its Next V fund. Next V closed at $375 million in mid-2023.
GlobeWest has offices and showrooms in Melbourne, Sydney, Brisbane, Adelaide and Perth and also has distributors in New Zealand and the US. The company’s business model is differentiated by its focus on meeting the requirements of professional designers for furnishing residential properties and commercial spaces. The company also offers homewares and outdoor furniture.
GlobeWest designs and develops most of its range in-house as well as distributing some imported furniture.
The company was established in 2003 by brothers Alan and Stephen Mendel who continue to run the business; they had not previously accepted external investment.
Next Capital plans to leverage the company’s success to date to grow market share, improve operational and distribution efficiencies, focus on international expansion and enter into adjacent verticals.
Image: A GlobeWest contemporary home interior.