A West Yorkshire-based stairlift manufacturer, which employs in excess of 100 staff and distributes to more than 40 countries worldwide, has secured private equity investment from NorthEdge Capital.
Platinum Stairlifts, based in Keighley, designs and manufactures a full suite of stairlift products.
Strong growth has been achieved in recent years, with revenue increasing by more than 20 per cent year-on-year since 2012.
NorthEdge is backing the existing management team led by founder Tim Frear, with the company set to invest in new product development, enhance its proposition for distributors and strengthen its presence across international markets.
The company currently distributes to more than 40 countries, including France, Germany, the Netherlands, and the US, through its network of authorised dealers
NorthEdge’s investment was led by John Rastrick, partner and head of Yorkshire and North East, Tom Rowley, director, and James Marshall, investment manager. James Buckley joins the company as non-executive chairman.
Tim Frear, founder at Platinum Stairlifts, said: “The reason I chose to work with NorthEdge is that they developed an impressive track record of supporting high growth manufacturing businesses in the region, making them the ideal partner for us.
“The stairlift market has a number of strong underlying growth drivers and we are excited about accelerating our growth plan with the investment from NorthEdge. In the coming years, we hope to enhance our position as the preferred supplier for stairlift distributors by continuing to do what we do well – make great products and provide the highest levels of service to our distributors.”
James Marshall, investment manager at NorthEdge Capital, added: “NorthEdge are really looking forward to working with Tim and the Platinum team. Platinum is well positioned to accelerate its recent growth in the global stairlift market, a market that looks set for long term expansion underpinned by robust growth drivers.
“Platinum’s success in recent years is a result of its reputation for high quality products and a relentless focus on providing excellent service to its network of international distributors. Our investment will support the strategy forged by Tim and the team, which will see continued product development, expansion of the business’s international reach and investment in the operational platform to drive growth.”
Rob McCarthy of DSW Transaction Services provided top-up financial due diligence and completion mechanism support. Rob commented “A great result for all concerned and especially pleasing to see a well known Yorkshire business, with an international presence, being backed by NorthEdge Capital’s Leeds team. The latest sign that the M&A market in the region remains buoyant.”
Commenting on DSW’s role in the transaction, James Marshall added “We brought Rob on board to assist with certain aspects of the financial due diligence and the completion mechanism. His experience and his ability to get up to speed and focus on the deal attributes were exactly what we were looking for. Having worked with him in the past we knew Rob would sit alongside us as a trusted advisor and provide support where and when needed – adding value to the process right through to completion.”