Terms of the deal were not disclosed, although CCMP specialises in buyouts and growth equity investments of between $100m and $500m.
Apax picked up the closeouts, excess inventory, and salvage merchandise chain through its $720m SKM Equity Fund III in 2003.
That deal gave Ollie’s an enterprise value of just $65m at the time, according to Reuters.
Known for its signature catchphrase “Good Stuff Cheap,” Ollie’s offers brand-name merchandise at up to a 70 per cent discount from the retail price.
The company has 124 stores after adding ten new states and 76 new outlets since 2006.
Ollie’s co-founder Mark Butler, pictured, will remain chairman and CEO and retain a significant ownership position as its largest individual investor.
CCMP president and CEO Stephen Murray said, “We’re very pleased to be partnering with Mark Butler and his high-caliber management team.
“Under Mark’s leadership, Ollie’s has become a world class, fast-growing retail franchise with tremendous opportunities for continued expansion.”
Jefferies & Co acted as exclusive financial advisor and Ropes & Gray as legal advisor to Ollie’s, while Barley Snyder acted as legal advisor to Ollie’s management.
Weil, Gotshal & Manges acted as legal advisor to CCMP.
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