Rickitt Mitchell has advised on the successful sale of NVM backed Buoyant Upholstery, one of the UK's leading indpendent upholstered furniture manufacturers to Ashwood Designs Group
Founded in 1909 and headquartered in Nelson, Lancashire, Buoyant Upholstery has built a longstanding reputation for quality, design and innovation in upholstered furniture. Manufacturing the vast majority of its products in the UK, the business employs more than 550 people and is recognised as a significant contributor to British manufacturing.
The transaction, which delivered a 3.3x return for investors brings together two highly regarded names in the furniture sector, creating the UK's largest sofa manufacturing group under the leadership of Ashwood Designs Group CEO, John Rennie.
During recent years, with the support of NVM, Buoyant has continued to strengthen its market position through investment in its product offering and by building strong relationships with both major retail partners and its extensive independent customer base. The entire executive management team will remain with the business to support its next phase of growth.
The Rickitt Mitchell team was led by Neil Mitchell and supported by James Kidner.
Alex Wilson, Investment Director at NVM, said:
"We are delighted to have supported Buoyant Upholstery through this stage of its growth journey and to have achieved a successful exit delivering a 3.3x return on our investment. Since our backing, the business has strengthened its market position, expanded its capabilities and continued to build on its strong heritage and reputation for quality.
We would also like to thank Neil and James at Rickitt Mitchell for their support throughout the transaction. Their commercial insight, responsiveness and pragmatic approach were invaluable in helping to achieve a positive outcome for all stakeholders."
Neil Mitchell, Managing Partner at Rickitt Mitchell, said:
"Buoyant is a fantastic North West manufacturing success story and has been a cornerstone of British furniture manufacturing for well over a century.
We are delighted to have supported NVM and the management shareholders on this significant transaction. The combination of Buoyant and Ashwood Designs Group brings together two highly complementary businesses and creates a market-leading platform with exciting opportunities for future growth.
This deal also highlights the strength and resilience of high-quality UK manufacturing businesses and demonstrates the continued appetite for well-managed companies with strong brands, experienced leadership teams and clear growth potential."
