Longstanding Australian retailer the Winning Group has confirmed an investment from private equity firm Ellerston Capital, less than two months after denying such reports.

The family-owned business said its “long-term” partnership with Ellerston is described as a significant milestone in its history, as it enters its 120th year in operation.

But the company’s anniversary year will be completed without its CEO, John Winning, who announced his resignation after 20 years at the helm.

“This business has always been about playing the long game, doing the right thing by customers and building something enduring,” John Winning said.

“After more than 20 years actively involved in the business, I feel this is the right time for me personally to step back from day-to-day leadership, knowing the group is strong and exceptionally well positioned for its next chapter.”

As a privately-owned company, the Winning Group does not disclose its financial performance to the ASX. However, statutory reports have shown a decline in after-tax profits year-on-year.

Both the Winning Group and Ellerston Capital said that a board refresh will be undertaken following the deal, which the Australian Financial Review reports to be worth around $100 million. 

Inside Retail asked the group to confirm the value of this stake, but did not receive a response to that inquiry.

“The Winning Group is a rare business, one built patiently over generations, with a deep respect for customers, people and long-term relationships,” said Ashok Jacob from Ellerston Capital, a new appointee to the Winning Group board.

“We are not investing to change what makes Winning special, but to support it as a thoughtful, aligned partner as it continues to grow its market share, particularly in the online appliances segment.”

The group said it has begun a search for a new CEO and expects to make an announcement in the near future.

Winning Group operates a network of around 20 stores, trading under Winning Appliances, online concept Andoo, Home Clearance, and the fast-growing Appliances Online business, launched in 2005, which last month reached a new milestone of 3 million customers.