Belfield management complete mbo backed by NorthEdge
Upholstery, soft furnishings, mattress and curtain manufacturing group Belfield Furnishings has been sold to its management and private equity firm NorthEdge Capital.
Founded in 2002, Belfield is the UK’s largest white label m home furnishings manufacturer with sales of £132m in the year to December 2015. Customers of
the company, which is headquartered in Ilkeston, Derbyshire, include Marks & Spencer, Next, Ikea, John Lewis and Furniture Village.
With support from NorthEdge, which has acquired a majority stake in the group, the company ‘will focus on its UK position to drive shorter lead times for customers; continue to deliver its collaborative design-led offering and leverage economies of scale to compete on price.’
Belfield will continue to be led by Steve Hampton, ceo, and Karl Stevens, cfo, while Alan McWalter remains as chairman. Former Brintons group md Don
Coates is coo, with his Linked-In profile describing him as ceo designate.
‘The business has performed well over the past few years. The funding from NorthEdge will allow us to increase the production of our quality products whilst also maintaining the same high levels of customer service. NorthEdge has an excellent reputation for growing and supporting businesses to achieve their strategic goals and we look forward to working with them through the next phase of Belfield’s development,’ says Hampton.
‘Belfield is the largest white label manufacturer of home furnishings in the UK with an impressive customer base ranging from British high street names and national blue chip brands to high growth online retailers. We have been impressed with the ability of the management team to manufacture in high volumes such a broad range of quality products. It is down to their design expertise and operational efficiency that the business has achieved such a strong offering in a sizeable and highly fragmented market. Our focus will be on helping Belfield to grow sales with existing customers, as well as targeting new opportunities and we are looking forward to working with Steve and the management team,’ says John Rastrick, NorthEdge partner and head of Yorkshire and the north-east.
The transaction was supported by the Midlands-based Specialist and Acquisition Finance team of Clydesdale & Yorkshire Bank which provided debt and working capital facilities. ‘Belfield has been a long-standing customer of Yorkshire Bank and we look forward to supporting the management team as the business moves into this latest phase of growth,’ says Ian Howey, Clydesdale & Yorkshire Bank Specialist and Acquisition Finance senior director.