Nelson firm sold in deal making it part of largest sofa manufacturing group in UK

Nelson upholstered furniture manufacturer Buoyant Upholstery has been sold to Ashwood Designs Group, to create the UK's largest sofa manufacturing group.

NVM Private Equity has completed the sale of the Hallam Road firm in a deal it says represents a 3.3x return for investors. No figure has been put on the transaction.

Founded in 1909, Buoyant employs a workforce of more than 550 employees. The entire Buoyant executive team will remain with the business.

Mike Aramayo, Buoyant Upholstery managing director, said: “We’ve been on a fantastic journey and I couldn’t have asked for more supportive backers every step of the way.

“I’ve enjoyed working with both Joel, our chair, and the NVM team and I’m now excited to be taking Buoyant forward on the next part of our journey.”

Joel Rosenblatt, chair of Buoyant, said: “NVM has been a highly supportive partner throughout our investment, helping us to invest in the business and continue building on Buoyant’s proud manufacturing heritage.

“I want to thank the NVM team for their guidance and practical support, which has been unwavering throughout, and I leave the business in the very capable hands of Mike and the team as it looks forward to further growth.”

Alex Wilson, investment director at NVM, led the transaction from its Manchester office.

He said: “Buoyant is a great example of the type of business we are proud to support: a well-established company, with a highly skilled workforce and an exceptional management team.

“We are delighted to have worked alongside Mike and Joel, true industry leaders, to have delivered another successful outcome for our investors.”

Buoyant operates a 332,000sq ft production facility in Nelson and is one of the town’s largest employers.

In its statement announcing the deal NVM said: “During NVM’s ownership, Buoyant has continued to respond to evolving demand for high-quality and design-led furniture, developing its product range and deepening relationships with both its major retail customers and its independent customer base alike.” 

NVM is an independent private equity investor focused on lower-mid market businesses across the UK regions. It has £261m of funds under management.

It backed the management buyout of Buoyant in 2013, investing £7m into the deal after the company was put up for sale by former owners Wade Upholstery, based in the east midlands.