US-based private equity company L Catterton has agreed to invest in Japan-based Seki Furniture.
L Catterton described the investment as “strategic”, without disclosing financial specifics.
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The investment is intended to support Seki Furniture’s expansion in Japan, with L Catterton contributing its experience in consumer-focused businesses.
Seki Furniture CEO Hideki Haruta said: “Going forward, we will work together with L Catterton to achieve further medium- to long-term growth and enhance our corporate value while continuing to provide our customers with services and products that deliver lasting value.”
Established in 1968 in Okawa, Seki Furniture originated as a wholesaler and has evolved into an omnichannel business, with brands such as RELAXFORM and CRASH GATE.
The company currently holds the “largest” share of Japan’s wholesale residential furniture market. It is also reportedly expanding across other industries such as offices, hotels, restaurants, and hospitals.
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By GlobalDataSeki Furniture also operates 26 physical stores while having an e-commerce presence.
L Catterton partner Taka Shimizu said: “Seki Furniture has grown over the past 57 years under the steady leadership of its founding Seki Family, as well as its chief executive officer Hideki Haruta, a 27-year company veteran.
“They have built a solid enterprise that has thrived across several macroeconomic cycles, and strategically and successfully expanded into multiple product and customer segments. We are honoured to be part of Seki Furniture’s next chapter of growth and look forward to working closely to create value.”
L Catterton’s previous investments in the home fixture and furnishing sector include brands such as Restoration Hardware, a California-based designer and retailer of home goods; and Boll & Branch, a company focused on “sustainably sourced” home goods.
