AKW, one of the UK’s leading manufacturers of accessible bathroom and kitchen products for the elderly, disabled, and those with reduced mobility, has announced it has been acquired by PennantPark Investment Advisers, LLC.
The basic facts
Since its founding in 1982, the AKW’s mission has been to support independent living with superior quality products that are practical, safe and beautifully designed. The AKW’s mission will remain unchanged and its headquarters will remain in Braddan, with additional significant presence in Droitwich Spa. PennantPark has partnered with Nick Parsons, an industry veteran and the former CEO of AKW, to re-focus the Company’s strategy. The company expects to introduce several new, complementary products in 2018.
AKW specialises in the design, development and manufacture of products for the assisted living sector, particularly in bathrooms and kitchens. Its products enable people with mobility issues to live independently in their own homes. The company works closely with occupational therapists, housing associations, care homes and leading research institutes to develop the products and services their customers need most. The company also claims to be the UK market leader in its industry, having now grown to have international reach, with distribution in both continental Europe and the USA.
“I am excited to be re-joining AKW and to begin a partnership with PennantPark,” said Nick Parsons, AKW’s Chief Executive Officer. “PennantPark’s experience, resources and commitment to the business will enable the Company’s employees to execute on its long term strategic plans.”
PennantPark Investment Advisers, LLC is a leading international investment firm that manages investments in excess of $2 billion. Since its inception in 2007, PennantPark has focused on making investments in high quality middle market businesses in North America, the United Kingdom, Western Europe and Australia, and has deployed more than $6.9 billion as of December 31, 2017.
“We are very pleased to partner with Nick Parsons and his management team to support the next evolution of the AKW growth story,” said Jose Briones, Partner at PennantPark. “We believe the Company has tremendous near and long term opportunities for growth given its superior product offerings and unparalleled service to its customers.”