Accessible bathroom and kitchen manufacturer, AKW, has been acquired by funds managed by investment company PennantPark Investment Advisers.
The company will remain largely unchanged and its headquarters will remain in Braddan, with an additional and “significant” presence in Droitwich Spa.
Nick Parsons, AKW’s former CEO, will also be re-joining the company as he works with PennantPark and refocuses AKW’s strategy.
AKW also said it expects to introduce several new complementary products in 2018.
Parsons said he was “excited” to be re-joining AKW and to begin a partnership with PennantPark.
“PennantPark’s experience, resources and commitment to the business will enable the company’s employees to execute on its long term strategic plans.”
Jose Briones, partner at PennantPark, said: “We are very pleased to partner with Nick Parsons and his management team to support the next evolution of the AKW growth story.
“We believe the company has tremendous near and long term opportunities for growth given its superior product offerings and unparalleled service to its customers.”
Since it was founded in 1982, AKW’s mission has been to support independent living with superior quality products that are practical, safe, and aesthetically designed.