Retail chain Bed Bath & Beyond has acquired US-based online home decorations and furnishings retailer One Kings Lane for an undisclosed sum, giving media company Scripps Network an exit.
Founded in 2009, One Kings Lane runs a flash sales platform that sells upscale home products sourced from home furnishings companies, designers and vintage furniture dealers. It also provides home decoration advice online and related services through studios in San Francisco and New York.
The price paid by Bed Bath & Beyond has not been revealed but the price looks to be below the $912m valuation at which One Kings Lane raised $112m in a series E round led by family office Mousse Partners in early 2014. The deal was closed in the second quarter of 2016.
Bed Bath & Beyond last financial report stated it had less than $600m of cash on hand, and reports in January suggested One Kings Lane could be sold for $150m or less, despite it having raised more than $225m.
The deal follows similarly downscaled acquisitions of designer product e-commerce companies Fab and Gilt Groupe in the 18 months.
Scripps took part in a $50m series D round for One Kings Lane in 2012 led by Institutional Ventures Partners that included Kleiner Perkins Caufield & Byers, Greylock Partners and Tiger Global Management.
Steven H. Temares, CEO of Bed Bath & Beyond, said: “We have followed One Kings Lane and loved its site since its inception, and we are thrilled for the opportunity to provide them with additional support and exposure to promote and grow their brand.
“At the same time, One Kings Lane will serve as a cornerstone for Bed Bath & Beyond’s growing offerings in furniture and home décor, and together we will be able to do even more for and with our collective customers wherever, whenever and however they wish to interact with us, and to further our mission to be viewed as the expert for the home.”