Paul Hastings advised private equity firm Francisco Partners on its majority investment in RugsUSA, an online seller of area rugs and home décor products.
McDermott Will & Emery advised RugsUSA on the deal, under which another private equity firm, Comvest Partners, will sell its majority stake in the business to Francisco Partners, while keeping a minority stake.
No financial details were disclosed for the transaction, expected to close later in 2021, according to a statement.
Founded in 1998, RugsUSA says it sells and ships around 20,000 “curated” products directly to consumers via www.rugsusa.com, as well as through leading e-commerce marketplaces and retailers.
“RugsUSA is dislocating the traditional retail experience, and we are excited to be partnering with the company to accelerate growth in core markets and expand into new categories and geographies,” said Christine Wang, principal at Francisco Partners.