Sofa Brands International (SBI), the UK’s leading branded sofa group, is today under new ownership following an acquisition led by Promethean Investments and the group’s management team.
SBI is one of Britain’s best-established furniture manufacturers, with brands including Parker Knoll, Duresta and G Plan designing and crafting some of the best-loved sofas and chairs in the country, which are available in more than 600 retail outlets nationwide.
Promethean Investments led an investor group in providing the equity and debt funding for the transaction, transferring ownership from its previous institutional shareholders. Banking facilities were provided by Santander Corporate Banking. Catalyst Corporate Finance acted for the shareholders and management team of SBI and Europa Partners acted for Promethean Investments.
The group employs 750 professionals and craftsmen and women in the UK at its manufacturing sites in Melksham in Wiltshire, Long Eaton in Nottinghamshire and Riddings in Derbyshire. In addition, over 300 skilled workers are employed in the group’s wholly-owned facility in Alytus, Lithuania.
Scott Malvenan, CEO of Sofa Brands International, says: “This creates an exciting new chapter in the development of the business and gives SBI a great platform to continue to craft the high quality products that our celebrated brands are known for."
Sir Peter Burt of Promethean Investments LLP adds: “Promethean is very pleased to be backing a first-class management team in a business with industry-leading brands. We see many exciting opportunities for further growth and the development of the business."