Canadian private equity firm TorQuest Partners Inc. acquired ready-to-assemble home furniture producer Prepac Manufacturing Ltd. for an undisclosed amount.

President Jim Mathison and the senior management of Prepac, who were partner investors in the transaction, will continue to run the company, while Prepac founder Steve Simpson will retain a significant stake in the business and will become a board director.

Prepac designs and manufactures affordable furniture sold online across North America.