NVM Private Equity has announced the acquisition of West Midlands-based manufacturer Ultra Furniture.
The undisclosed deal, which sees NVM acquire Ultra through holding company Helium Miracle 124 Limited – its second furniture manufacturer acquisition following Buoyant Upholstery back in 2013, will allow Ultra to grow its home shopping and online markets, as well as key accounts.
The acquisition sees the appointment of Kirsty Thorburn as operations director to the Ultra board, whilst Dennis Milligan continues in the role of design & development director, with Glenn Aston leading the management team.
Ultra said it would continue to operate from its facility in Kingswinford and has secured a new 10-year lease on the site. Ultra’s sector of the UK furniture market is currently valued at £4bn, and over the next three years is expected to provide Ultra with growth opportunities.
In a statement, Glenn Aston said: “We recognise that it is imperative to stay at the forefront of our industry by continuing to introduce new concepts and designs.
“Upholstered furniture is moving up the consumer spending priority, so the new funding we are now able to access will help us develop our products further to meet demand in the UK and overseas. The team and I also see huge growth potential in the home shopping and online markets.”
Joel Rosenblatt, chairman of Helium Miracle 124 and Buoyant Upholstery, added: “Glenn and the team had some challenges following the loss of a major customer but they are highly respected in the industry and the business has developed a strong reputation in its market.
“It sits at a different place to Buoyant and we are delighted to be backing another quality British manufacturing business with its own ambitious plan.”
Kirsty Thorburn commented on her appointment: “I have been inspired by the loyalty and dedication by the employees to Ultra, who have shown initiative and commitment to enable us to put new and improved processes in place. I am personally excited and proud to be part of Ultra at this time and I am now confident of our future success.”