Bridgepoint had competition from private equity groups Exponent and TA Associates.
HobbyCraft employs 1,600 people and owns 47 UK stores.
HobbyCraft made pre-tax profits of £5.4m in the year to February 22 2009, an increase of 67% on the previous 12 months. Sales rose by 10.6% to £68.7m.
Owners the Haskins family also own the 4 Haskins Garden Centres. Chairman Warren Haskins founded HobbyCraft at Ferndown, Dorset in 1995.
Subscribe to Horticulture Week for more news, more in-depth features and more technical and market info.