September 24, 2013, 3:01 PM

E-retailer Paper Source is acquired by Investcorp

The retailer launched its site in 2002 and had 2012 web sales of $9 million.

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Internet Retailer Second 500 retailer Paper Source has been bought by Investcorp, a Bahrain-based company that buys stakes and makes acquisitions in global real estate, media and other industries.

Investcorp did not say how much it paid for Paper Source, which sells paper goods, invitation and gifts and is No. 705 in the 2013 Second 500 Guide.

Paper Source had 2012 web sales of $9 million, up 28.6% from the year before. The company launched its e-commerce site in 2002 and also operates 73 physical stores in 23 states. The retailer keeps its headquarters in Chicago.

“Investcorp is a highly complementary partner for Paper Source, with a track record of growing strong retail brands," says Sally Pofcher, CEO of Paper Source. "This transaction provides us with a deep capital base to expand our domestic footprint and pursue direct marketing opportunities, as well as a partner that has an established reputation for working effectively with management teams.”

Investcorp also owns housewares retailer Sur La Table, No. 418 in the Internet Retailer 2013 Top 500.

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