sofaComPrivate equity company CBPE has acquired a majority stake in the multichannel upholstery retailer Sofa.com.

The investment firm — formerly known as Close Brothers Private Equity — is investing around £50m in the business, according to reports in national newspapers this weekend.

It is not yet known how big a stake CBPE will take following the deal, though it will continue to back the current management team, led by CEO Gareth Williams.

However, the investment will see the appointment of Justin Stead — who ran the company behind jewellery brands Goldsmiths and Watches of Switzerland — as chairman.

Sofa.com was founded by Rohan Blacker and the late Pat Reeves in 2005, growing into a £22m business making profits of almost £3m in 2013–14.

CBPE has form in the home furnishing sector. Past investments have included the window dressings business Hillarys and flooring accessories firm Gradus.