Ward Hadaway advises on furniture group’s sale
10th June, 2014
LAW firm Ward Hadaway has advised on the sale of a fast-growing bespoke furniture group.
Corporate lawyers from the Manchester office of the Top 100 law firm advised the management team at Neville Johnson and private equity firm Key Capital Partners on the sale of the company in a secondary buyout backed by private equity firm Alcuin Capital Partners.
The transaction saw Key Capital Partners exit Neville Johnson, which is based in Trafford Park and trades under the Neville Johnson and Tom Howley brands. The Neville Johnson management team have re-invested in the company.
The value of the transaction was £21.6m.
Neville Johnson acquired luxury kitchen group Tom Howley, which has been a main driver of growth for the business, in January 2011.
Annual orders for Tom Howley have grown from £2m in 2010 to more than £11m as a result of the launch of a number of new showrooms.
Sean FitzGerald, Partner in the Corporate team at Ward Hadaway in Manchester, led the firm’s team providing legal advice to Neville Johnson’s management and Key Capital Partners on the deal with support from the firm’s specialist banking team.
Sean has acted for Neville Johnson’s management team since the 2008 investment by Key Capital Partners, during which time the company has nearly doubled its turnover to more than £33m.
Sean said: “We are delighted to have assisted the management team at Neville Johnson on this important deal for the company.
“The business has grown significantly over recent years with its reputation for producing high quality, bespoke furniture and the sale of this majority stake to Alcuin Capital Partners marks another exciting chapter in its development.”
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