Bespoke furniture firm Neville Johnson has been sold to the private equity firm, Alcuin Capital Partners. The deal sees private equity firm Key Capital Partners exit Neville Johnson, which backed the business in 2008.
Nigel Pailing, chief executive of Neville Johnson, says: “KCP has been instrumental in shaping our vision to become the leading provider of luxury fitted furniture for every room in the home. We are excited for the next stage of growth with Alcuin as we roll out our brands across the UK, and look to open eight new showrooms over the next three years.”
Peter Armitage, partner at KCP and non-executive director at Neville Johnson, adds: “It has been a real pleasure working with a first-class management team over the years. During this period the business has almost doubled in size and we are confident it will continue along the same trajectory with Alcuin’s support.”
Mark Storey, partner at Alcuin, says: “We are delighted to be investing alongside Nigel, Keith and their team to support the continuing success of Neville Johnson. Neville Johnson is a dynamic business with an excellent reputation for service, an impressive lead generation function, and rising brand recognition throughout the UK. Alcuin targets ambitious, distinctive growth companies and Neville Johnson definitely fits the bill.”
A team at KPMG advised Neville Johnson and KCP, led by Jonathan Boyers, Giles Taylor, Pinesh Mehta and Paul Dolyniuk.
Jonathan Boyers, head of corporate finance for KPMG in the north, says: “We are currently seeing a high amount of deal activity in the home improvement sector, as the uptick in the economy, coupled with the renewed confidence in the housing market, inspires homeowners to invest in their property once more. Neville Johnson’s unique offering of designing, manufacturing and fitting bespoke furniture to customers identified through highly-effective direct marketing generated significant interest from the private equity community who are keen to invest in strong consumer brands in growth sectors.”
Neville Johnson employs 270 staff and recorded a turnover of £33m in the year to April 2014.