NorthEdge invests in Platinum Stairlifts

Under its new ownership model, the business will invest in product development, build up its operational activities and look to expand its international distribution network.

A person with knowledge of the situation, who was speaking to Unquote on condition of anonymity, said the investor was also attracted by high organic growth in the segment, which is currently expanding by high single-digit percentages annually.

A spokesperson for NorthEdge declined to comment on the enterprise value of the deal. However, the GP is currently deploying capital from its second fund, which held a final close in March 2016 on £300m and typically writes equity cheques of £5-45m.

At the time of publication, NorthEdge was yet to confirm whether it had acquired a minority or majority stake, nor provide details of any debt associated with the transaction.

Company
Founded in 1996 and headquartered in Keighley, West Yorkshire, Platinum is a designer and manufacturer of stairlifts.

Platinum generated a turnover of £15.5m in the year ending in March 2017, according to publicly available documents, with an operating profit of £2.8m. According to the anonymous source, the business is anticipating a turnover of £20m this year.

People
NorthEdge Capital – Grant Berry (managing partner); James Marshall (investment manager).
Platinum Stairlifts – Tim Frear (founder).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• NorthEdge Capital