NorthEdge Capital backed furniture business Belfield Group has acquired the entire share capital of Tetrad Limited to strengthen its offering in the high end upholstery market.
Belfield Group is a leading UK designer and manufacturer of furniture and home furnishings, including upholstered furniture, mattresses, window coverings and cushions. The Ilkeston-based company is also a major supplier into the holiday home and leisure furnishings market.
Belfield Group, which has experienced strong growth over the last few years, secured funding from private equity firm NorthEdge Capital in a management buyout in July 2016. The Group has an annualised turnover approaching £200m and currently employs approximately 2,000 staff. It operates from seven sites across the UK, with a purpose built facility in Romania.
The strategic acquisition of Lancashire-based Tetrad will enable the business to strengthen its services in the high end upholstery designer and manufacturing market. Established 45 years ago, Tetrad specialises in the manufacture of quality sofas, chairs and stools and has annual turnover of £17m.
Tetrad’s products will continue to be manufactured at its Preston facility and will be sold through existing sales channels. Janus Cooper will remain in his role as Managing Director of Tetrad Limited as part of the Belfield Group.
Stephen Hampton, CEO at Belfield Group, said: “Tetrad is a heritage brand that we have admired for many years. Its innovative, design-led approach has boosted its reputation in the market and we’re delighted for the business to become part of the Belfield Group. We now have huge potential to increase market share while continuing to manufacture upholstered pieces of the highest quality.
“I very much look forward to working with Janus and his team to continue the good work that has been delivered over recent years and to building the brand and expanding its customer base and sales. We will invest heavily in the Tetrad division in order to capitalise on its growth potential.”
Ben Wildsmith, Director at NorthEdge Capital, added: “We backed Belfield last year and have been really impressed by the quality and depth of the Group’s management team. All four divisions of the Group have performed exceptionally well in navigating events post-Brexit, while achieving strong and profitable growth across the business. Belfield is now in an excellent position, with clear strategic growth plans and is well placed to explore further acquisitions. We are excited by what can be achieved over the coming years.”
Belfield Group was advised by PKF Cooper Parry, which provided transaction due diligence. Legal advice was provided by Browne Jacobson. Brabners provided both corporate finance and legal advice to Tetrad.