Poundland Ltd, the largest single price retailer in UK, is reportedly being sold to Warburg Pincus LLC, a private equity firm in US, by Advent International. Warburg Pincus confirmed today that it is going to acquire a majority stake with the management of Poundland.

Though the value of the deal is not disclosed by both the firms, sources close to the deal said it would be worth around £200 million. According to the deal, Jim McCarthy who is currently leading the board will continue his job as chief executive of Poundland.

Poundland, which sells over 3,000 items at the single price of £1, expects to speed up its expansion plans after being acquired by Warburg Pincus. Poundland said that the deal should allow it to rapidly open another
50 stores this year. Poundland currently operates 260 stores in the UK.

"Our new partnership with Warburg Pincus will enable us to accelerate our growth plans and bring the single price proposition to even more customers throughout the UK," said Jim McCarthy, chief executive of Poundland. Advent International, a global private equity firm, bought the ownership of Poundland in the year 2002 as part of a management buyout.