Sofa Brands International, the group which owns three of the UK’s best-known upholstery brands – Duresta, G Plan and Parker Knoll – has been acquired in a management buyout backed by Promethean Investments.
The £70m-turnover manufacturer, sells its products inover 600 retail outlets across the UK. The group employs a 750-strong workforce in the UK at its manufacturing locations in Melksham, Wiltshire, Long Eaton in Nottinghamshire and Riddings in Derbyshire. There are a further 300 workers at the group’s facility in Alytus, Lithuania.
Scott Malvenan, CEO of the group said: “This is a very exciting time for us. It signifies a new chapter in the development of our business and gives us a great platform to continue to craft the high quality products that our celebrated brands, Duresta, G Plan and Parker Knoll, are known for. It will also allow us to continue delivering the high standards of service that our customers expect from us”.
Promethean Investments led an investor group in providing the equity and debt funding for the transaction, transferring ownership from its previous institutional shareholders. Banking facilities were provided by Santander Corporate Banking, maintaining its relationship with the company.
Promethean Investments’ Sir Peter Burt added: “Promethean is very pleased to be backing a first class management team in a business with industry leading brands. We see many exciting opportunities for further growth and the development of the business.”
