Tue, 13/02/2018 - 10:45
NorthEdge Capital has invested in stairlift designer and manufacturer Platinum Stairlifts, backing the existing management team led by Founder, Tim Frear.
Based in Keighley, West Yorkshire, Platinum Stairlifts manufactures a full suite of stairlift products. The company employs over 100 staff and distributes to more than 40 countries worldwide, including France, Germany, the Netherlands and USA, through its network of authorised dealers.
The business has achieved strong growth in recent years, with revenue increasing by over 20 per cent year-on-year since 2012. NorthEdge’s backing will allow the company to continue its new product development, enhance its proposition for distributors and further strengthen its presence across international markets thus enabling it to scale up its operational platform in the process.
The investment was led by NorthEdge’s John Rastrick, Partner and Head of Yorkshire & North East, Tom Rowley, Director, and James Marshall, Investment Manager. James Buckley joins the company as Non-Executive Chairman.
This activity follows NorthEdge’s recent GBP70 million exit of the high quality premium door solutions and window systems manufacturer, DW3, to Masonite International Corporation. This DW3 deal was NorthEdge’s eighth exit from NorthEdge Capital Fund I, achieving a 3.5x return and 59 per cent IRR.
Tim Frear, Founder at Platinum Stairlifts, says: “The reason I chose to work with NorthEdge is that they have 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 distribution partners.”
James Marshall, Investment Manager at NorthEdge Capital, says: “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.”
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