Buoyant Upholstery, a 117 -year-old British furniture manufacturer, today announced it has been acquired by Ashwood Designs Group, in a deal that creates the UK’s largest sofa manufacturing group.
The acquisition sees Ashwood Designs Group, led by CEO John Rennie, take ownership of Buoyant Upholstery from NVM Private Equity, which has backed the company for a number of years. The transaction marks the natural conclusion of NVM’s investment as its fund approached the end of its life.
Mike Aramayo, Managing Director of Buoyant Upholstery, confirmed there will be no changes to the company’s internal management structure as a result of the deal.
“Ashwood Designs Group understands this sector, and that gives me real confidence in what lies ahead for Buoyant,” said Aramayo. “Every director remains in their role. The same team that has led Buoyant will continue to lead Buoyant. It is business as usual, with amazing new backing.”
Aramayo also paid tribute to outgoing Chairman Joel Rosenblatt, who has formally stepped down from the role after providing what Aramayo described as great support throughout his tenure as MD.
