Private equity investment enables West Yorkshire manufacturer Platinum continue global expansion
Private equity firm NorthEdge Capital has invested in stairlift designer and manufacturer Platinum Stairlifts, backing the existing management team led by Founder Tim Frear.
Based in Keighley, Platinum Stairlifts employs over 100 staff and distributes to over 40 countries worldwide, including France, Germany, the Netherlands, and the US.
The business, which manufacturers a full suite of stairlift products, has revenue increase by over 20% year-on-year since 2012.
Platinum Stairlifts will use the investment from NorthEdge to continue to invest in new product development, enhance its proposition for distributors and further strengthen its presence across international markets.
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.
Tim Frear, founder at Platinum Stairlifts, said: “The reason I chose to work with NorthEdge is that they 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 distributors.”
James Marshall, investment manager at NorthEdge Capital, added: “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.”
NorthEdge was advised by GCA Altium led by Stuart Warriner (Corporate Finance), Squire Patton Boggs led by Richard Hunt (Legal), KPMG (Tax Due Diligence and Structuring), Syngroup (Operational Due Diligence) and Dow Schofield Watts (Top- up Financial Due Diligence).
Platinum Stairlifts was advised by PwC led by Daniel Gallagher (Corporate Finance and Vendor Financial Due Diligence) and Progeny Corporate Law led by Alistair Scott-Somers (Legal).
Banking was provided by HSBC which was advised by Addleshaw Goddard (Legal).