Specialist mattress manufacturer Direct Healthcare Services has completed a management buyout (MBO) with the backing of NorthEdge Capital.
DHS CEO Graham Ewart, European sales director Stuart McAllister, operations director Gerry Boyle and Asia Pacific sales director Dermot Patterson, led the buyout, and will use the undisclosed investment from NorthEdge to further expand its team and accelerate growth into international markets.
NorthEdge has acquired a majority stake in the company and Ray Stenton, partner and head of New Business, Jon Pickering, director, and George Potts, recently promoted to investment manager, led the investment team. Michael Joseph, chairman of NorthEdge, will join the Board and George Potts will join as an observer.
Founded in 2009, DHS, which has seen sales grown to £10.6m over the last two years, has recently expanded its manufacturing facility by 40% to 45,000sq.ft, as well as investing in new state-of-the-art machinery.
Graham Ewart, CEO at DHS, said: “The partnership with NorthEdge is a significant milestone for DHS. This funding allows us to accelerate our growth aspirations and continue to invest in what matters most to our customers – delivering genuine innovation.”
Jon Pickering, director at NorthEdge Capital, said: “It has been a pleasure working with the team at DHS and we are delighted to conclude this investment.”