As part of the deal the company’s founder, Lord Graham Kirkham, will stand down from his role as executive chairman after 40 years at the head of the business.
Richard Baker, the former chief executive of Alliance Boots, will replace him as chairman.
Advent says it plans a roll-out of new stores as well as online development. Doncaster-based DFS currently has 74 sofa stores across the UK and employs more than 2,600 people.
“DFS’s people, who have worked with me to grow the business to where it is today, are its most valuable asset.It is clear to me that Advent recognises this and their plans to expand DFS will continue to offer great career opportunities for everyone.” says Lord Kirkham.
Advent already has a significant portfolio of retail businesses, with recent acquisitions in the UK including Poundland and Fat Face.
DFS spends approximately £91m on advertising according to Nielsen estimates. The retailer works with Brilliant Media Group, MediaCom and Public and has used celebrities including Linda Barker in its campaigns. It is unclear how their work will be affected by the sale. Andrew Trofimowicz is its group marketing director.