Stairlift manufacturer Platinum Stairlifts has received investment from private equity firm NorthEdge Capital, which it will use to develop new products and improve its proposition for distributors.
The size of the investment is not yet known but NorthEdge claims it will help the West Yorkshire mobility firm to strengthen its presence across international markets and scale up its operational platform.
Platinum Stairlifts employs more than 100 staff and distributes to more than 40 countries worldwide, including France, Germany, the Netherlands and USA, through its dealer network. The company, led by founder Tim Frear, has increased revenue by more than 20% year-on-year since 2012.
Last month the group’s yearly report revealed it had achieved record sales of nearly £16m in its last financial year after a particularly strong period trading in both domestic and export markets.
The new investment was led by NorthEdge’s John Rastrick, partner and head of Yorkshire & North East, Tom Rowley, director, and James Marshall, investment manager. James Buckley joins the company as non-executive chairman.
Frear said that NorthEdge has developed “an impressive track record of supporting high growth manufacturing businesses in the region, making them the ideal partner for us”.
“The stairlift market has a number of strong underlying growth drivers and we are excited about accelerating our growth plan with the investment from NorthEdge. In the coming years, we hope to enhance our position as the preferred supplier for stairlift distributors by continuing to do what we do well – make great products and provide the highest levels of service to our distributors.”
James Marshall, investment manager at NorthEdge Capital, said: “NorthEdge are really looking forward to working with Tim and the Platinum team. Platinum is well positioned to accelerate its recent growth in the global stairlift market, a market that looks set for long term expansion underpinned by robust growth drivers.
“Platinum’s success in recent years is a result of its reputation for high quality products and a relentless focus on providing excellent service to its network of international distributors. Our investment will support the strategy forged by Tim and the team, which will see continued product development, expansion of the business’s international reach and investment in the operational platform to drive growth.”