The Yorkshire Post reports equity investor NVM has backed the management buyout of Britain’s largest independent furniture manufacturer. The Newcastle-based fund invested £7m into Buoyant Holdings, with asset based lender PNC Business Credit providing debt on the deal.
Buoyant, based just over the border in Nelson, Lancashire, designs and manufactures mid-range sofas and chairs for sale through a wide array of retail channels.
Other professional services firms worked on the deal, including representatives from Grant Thornton, Walker Morris, Squire Sanders, Eversheds and DWF.
Buoyant was founded in 1909 and employs 630 people.