Endless LLP has sold its investment in the Manchester-based fitted furniture company Neville Johnson Group to Key Capital Partners in a £12.5 million secondary buy-out. Clearwater International advised Endless and the executive management team, which will continue with the business as shareholders alongside Key Capital Partners. The deal was backed by acquisition finance from Yorkshire Bank. Founded over 20 years ago, Neville Johnson has become established as a market leader in the design, manufacture and installation of high quality bespoke fitted furniture for the home, in particular for the study, bedroom, home cinema and lounge areas. The group has annual revenue in excess of £17 million, employs over 150 people and has a number of showrooms across the UK.
“When Endless came in to support the business early in 2006 we were impressed with both the speed and clarity of what they offered. They were perfect for the company at the time and have more than delivered on the commitments they made. We are delighted to be moving forward with Key Capital Partners. The company has ambitious plans and KCP have already demonstrated their understanding and support for the vision we have of the future.”
“Neville Johnson has become the natural choice for high quality fitted furniture for the home. The investment by Endless has helped it to overcome its earlier challenges and strengthen its position in the market. It is an example of the way in which private equity houses can work with businesses to play a positive role in improving their performance and helping them to develop and grow.”