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NorthEdge backs MBO of Belfield Furnishings

NorthEdge Capital, a private equity firm focused on the North of England, has backed the management buyout of home furnishings group Belfield Furnishings.

Founded in 2002, Belfield is the UK’s largest white label manufacturer of home furnishings and one of Europe’s largest manufacturers specialising in the wholesale and distribution of products including upholstered furniture, soft furnishings, mattresses and curtains.
 
The company, which is headquartered in Ilkeston, Derbyshire, works with a range of blue chip, high street retailers including M&S, Next, Ikea, John Lewis and Furniture Village. Belfield reported turnover of GBP132 million in the 12 months to December 2015.
 
With support from NorthEdge, the company will focus on its UK position to drive shorter lead times for customers, continue to deliver its collaborative design-led offering and leverage economies of scale to compete on price.
 
The buyout, which was led by partner John Rastrick and investment director Tom Rowley, will see NorthEdge acquire a majority stake in the company. The deal marks the firm’s first investment from Fund II which closed at GBP300 million in March this year.
 
Belfield will continue to be led by chief executive Steve Hampton and chief financial officer Karl Stevens, while Alan McWalter, a former M&S director, will remain as chairman. Don Coates joins the group as chief operating officer.
 
John Rastrick, partner and head of Yorkshire and the North East at NorthEdge, says: “Belfield is the largest white label manufacturer of home furnishings in the UK with an impressive customer base ranging from British high street names and national blue chip brands to high growth online retailers. We have been impressed with the ability of the management team to manufacture in high volumes such a broad range of quality products. It is down to their design expertise and operational efficiency that the business has achieved such a strong offering in a sizeable and highly fragmented market.
 
“Our focus will be on helping Belfield to grow sales with existing customers, as well as targeting new opportunities and we are looking forward to working with Steve and the management team.”

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