Impact firm Bridges Fund Management has sold World of Books, an online secondhand bookseller, to mid-market private equity firm Livingbridge.
The company sources secondhand books through charity partnerships and directly from consumers, sorts them through its warehouses and then sells them on through online marketplaces such as Amazon or eBay or through its own website. This year it expects to generate revenues of more than £100 million (€117 million; £139 million), a 30 percent year-on-year increase.
Per a statement from Livingbridge: “Its purpose driven actions focus on three areas – the promotion of used goods; championing literacy by helping to make books more widely accessible; and taking action to reduce carbon emissions – each aligned with the UN Sustainable Development goals of responsible consumption, quality education and climate action.”
World of Books was an investment from Bridges’ third fund. LivingBridge is buying the company with its £1.2 billion seventh fund.