NorthEdge Capital has supported the management buyout of TKC, an established supplier to the fitted furniture industry.
Denton-based TKC is a specialist distributor of kitchen and bedroom doors and other components, sourcing the majority of its products from Italy. It currently employs 128 staff and supplies to independent kitchen retailers, kitchen manufacturers and local installers. Established in 1989, the company has experienced strong revenue growth, with turnover reaching £19m in the year to September 2015.
TKC offer a wide range of classic, traditional and contemporary doors and components for both kitchens and bedrooms. The company recently launched its newest product line, the Vivo Anthracite kitchen door, which has quickly become a best-selling collection due to its competitive pricing and contemporary Italian design.
NorthEdge, the private equity firm focused on investing in businesses in the North of England, has backed the incumbent management team comprising of Chris Hazelhurst (Commercial Director), Paul Arrowsmith (Finance Director), Dave Grayson (Operations Director) and Brian Wade (Supply Chain Director). The firm has acquired a majority stake in TKC and the new deal will see the company’s founder, Tom Kelly, and director Hayley Kelly exit the business.
Chris Hazelhurst, Commercial Director at TKC, says: “This deal is the start of a new and exciting chapter for TKC. I’ve been involved with the business for over 25 years and have seen the company grow to become one of the UK’s leading suppliers to the kitchen and bedroom industry. TKC is supported by a hard working team that keeps the customer at the heart of everything they do, and we’re all determined to take the business to the next level with NorthEdge on board.”
The team at NorthEdge consisted of Partner Ray Stenton, Investment Manager Phil Frame and Investment Executive Harry Jones.
Stenton adds: “What attracted us to TKC was the team’s track record of delivering growth and the opportunities in the market. We have experience in the sector through our investment in Solidor and can see the huge potential for the business. The management team has an ambitious strategy and we are all very excited about TKC’s next phase of growth.”
Tom Kelly, Founder of TKC, says: “After 25 years of running TKC, I am confident that private equity is the best route for the business to support its continued expansion. The market is buoyant at present, and the business will benefit from NorthEdge’s investment, which will enable the team to maximise growth. With the support of NorthEdge and the top quality management team, I am confident that TKC will go from strength to strength.”
