Buoyant Upholstery, a 117-year-old British furniture manufacturer, today announced that it has been acquired by Ashwood Designs Group, in a deal it says creates “the UK’s largest sofa manufacturing group”.
The acquisition sees Ashwood Designs Group, led by CEO John Rennie and owned by Dunham Massey Investment Group (DMIG) since 2023, take ownership of Buoyant Upholstery from NVM Private Equity, which has backed the company for a number of years.
Buoyant says the transaction marks the natural conclusion of NVM’s investment as its fund approached the end of its life.
Buoyant’s MD Mike Aramayo has 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,” he says. “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.
Buoyant boasts a workforce of over 550 people. It says it expects the acquisition to “provide a platform for further growth while preserving the values and craftsmanship the company has built its reputation on”.
DMIG operates across several sectors including manufacturing, engineering, logistics, property, hospitality and leisure, and currently manages some £140m of assets in the UK alone.
DMIG CEO John Rennie comments: “We are absolutely delighted to welcome Buoyant to the DMIG family. Buoyant has built an outstanding reputation over many years for producing high-quality upholstered furniture and has earned the trust of both retail partners and consumers across the UK.
“This acquisition represents an exciting opportunity to bring together two exceptional British manufacturers who share the same values of craftsmanship, quality, innovation, and customer focus. By combining our expertise, resources, and talented teams, we are well positioned to strengthen our offering and continue investing in British manufacturing.”
He adds that the acquisition reflects DMIG’s long-term strategy of investing in UK manufacturing and creating sustainable growth within the upholstered furniture sector: “Bringing together the experience, capabilities and reputations of both companies will enhance operational strength, broaden product offerings, and create new opportunities for employees, customers, and suppliers alike.
“A major deciding factor in the acquisition was the opportunity to work with Mike Aramayo – MD of Buoyant, and a significant leading force within this sector – alongside Mike’s hugely talented management team, who all remain to continue propelling Buoyant forward as they have successfully done so for many years. Buoyant is a significant employer in the Nelson area – with around 550 employees – which we are proud to be a part of.”
Leave a comment