Furniture retailer Bambeco sold to Richmond-based Evergreen Associates - Technical.ly Baltimore

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Nov. 13, 2017 11:08 am

Furniture retailer Bambeco sold to Richmond-based Evergreen Associates

The ecommerce company's assets were sold due to a lack of funding to support its growth, the Baltimore Sun reports.

Bambeco's bee house.

(Courtesy photo)

The assets of Baltimore-based ecommerce company Bambeco were sold to Richmond, Va.–based Evergreen Enterprises in a deal that closed at the end of October.

Bambeco, which sells sustainable home furnishings and other goods, is now a brand of Evergreen Enterprises. The latter company specializes in design, production and distribution of goods in a number of categories including furniture as well as home and garden.

According to a report in the Baltimore Sun, the deal came as a result of a board decision to sell the business due to a lack of capital to continue growth. This came despite international expansion and a record sales year so far in 2017, Bambeco founder Susan Alpin told the Sun.

“It’s been a high-growth brand for a number of years. … There was a feeling among certain members of the board that this was the right time for Bambeco to pursue an exit with a strategic partner,” she told the Sun.

Founded in 2009, Bambeco raised about $31 million in funding, including a $20.5 million round in 2015 led by ABS Capital Partners. Additional previous investors included New Atlantic Ventures and the Maryland Venture Fund. The company moved to an Inner Harbor office about a year ago, which is now closed.

Along with ecommerce, the company had partnerships with retailers such as Costco, Whole Foods and Total Wine.

The company had 21 employees before the deal closed in October, and 14 were rehired by Evergreen, the Sun report states.

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