Neville Johnson group has been sold in a private equity deal between Key Capital Partners and Alcuin Capital Partners
The Trafford Park, Manchester-based luxury furniture manufacturer employs 270 people and has a turnover of £33m.
The £20m secondary MBO deal between Key Capital Partners and Alcuin Capital Partners follows a year of 20% growth in turnover and strong growth for the past six years.
Key Capital partners backed Neville Johnson, which also makes Tom Howley branded products, in 2008. The firms specialises in the design, manufacture and installation of luxury fitted kitchens and other luxury furniture.
The Tom Howley brands has been a particular source of strength for the Neville Johnson Group’s growth with sales increasing from £2m in 2010 to £11m in the year to April 2014. This success has largely been attributed to the establishment of new showrooms in London, Brentwood and Beaconsfield.
New owners Alcuin Capital partners will sink £10m into the firm and take a significant shareholding. The secondary MBO was led by Alcuin partner Mark Storey and investment director Nick Seaman led the buyout.
Commenting on the deal Nigel Pailing, CEO of Neville Johnson, said: “KCP has been instrumental in shaping our vision to become the leading provider of luxury fitted furniture for every room in the home. We are excited for the next stage of growth with Alcuin as we roll-out our brands across the UK and look to open eight new showrooms over the next three years.”
