NVM invest £7m in furniture manufacturer

NVM Private Equity has invested £7m in the management buyout of Lanchashire-based Buoyant Holdings.

The private equity firm, with offices in Newcastle and Manchester, has invested in the furniture manufacturer which is over 100 years old.

Buoyant’s management team will continue to work with the firm as NVM hopes that export potential can be realised.

The firm is now the largest independent UK furniture manufacturer currently supplying to national, independent and on-line retailers.

With a 630-strong workforce, Buoyant manufactures over 95% of its products from sourced raw materials at its base in Nelson, Lancashire.

NVM’s Northern Investment Directors, Andy Leach and Mauro Biagioni worked on the transaction. Andy commented: “Mike Aramayo and the team have worked together for over 12 years and are highly respected in the UK market. The business has developed a strong reputation in its marketplace and has successfully evolved to meet consumer trends, resulting in a substantial increase in sales. We are delighted to be backing a century old British manufacturing business with a strong track record and an ambitious management team.”

Mike Aramayo, managing director of Buoyant, has over 26 years of commercial experience in the furniture industry and is currently a board member of the British Furniture Manufacturers Association.

The incumbent management team, led by Mike, are looking forward to working with NVM and its customers to bring more innovative products to market and build on the success of its growing customer base, new model development and the move into motion furniture.

Mike commented: “We recognise that it is imperative to stay at the forefront of our industry by continuing to introduce new concepts and designs. Upholstered furniture is moving up the consumer spending priority, so the new funding will help us to develop our products further to meet demand in the UK and overseas. The team and I also see huge growth potential in motion furniture. We look forward to working alongside Joel and NVM to build our business further.”

Joel Rosenblatt has joined Buoyant as Executive Chairman; bringing with him extensive experience of the home textiles, upholstery and FMCG sectors. He added: “I’m delighted to be working with two great businesses, with NVM on the financial side as well as an exceptional management team at Buoyant – both of whom are held in high regard within their industries. We have a lot of positive things we need to do and with NVM’s support the team certainly have the energy to deliver their plans.”

A team at the Manchester office of international investment bank, Altium, led by managing director Stuart Lees and assisted by associate Liam May, advised NVM and Joel Rossenblatt on the deal. This is the third deal Altium have completed with Joel following the MBO and sale of Christy Towels.

Stuart Lees said: “We are delightedto have supported the management team and Joel on the transaction. The funding will allow the business to continue manufacturing innovative furniture designs and will help strengthen its growing customer base.

“Retailers in the UK are increasingly moving towards British manufacturers because of the high-quality products and intricate designs that consumers are demanding. We believe that the business has outstanding prospects for future growth with support from NVM.”

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