16 Mar 2018
Braddan, Isle of Man March 15, 2018 – AKW (or the “Company”), the UK’s leading manufacturer of accessible bathroom, kitchen and daily living products for the elderly, disabled people and people with reduced mobility, announced today it has been acquired by funds managed by PennantPark Investment Advisers, LLC.
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 Company’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.
“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,” added Parsons.
“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. He added “We believe the Company has tremendous near and long term opportunities for growth given its superior product offerings and unparalleled service to its customers.”
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. AKW’s product range is focused on bathrooms and kitchens, including the multi award winning AKW SmartCare Plus, the world’s first Bluetooth smart controlled electric shower which was designed and developed in the Isle of Man. The Company works closely with occupational therapists, housing associations, care homes and leading research institutes to develop the products and services they and their customers need most. The Company is the UK market leader in its industry and has grown to have international reach, with distribution in both continental Europe and the USA.
PennantPark Investment Advisers, LLC is a leading international investment firm that manages 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, 2018. PennantPark seeks to be a trusted partner to its investors and the companies in which it invests. With a largely permanent capital base, PennantPark takes a long term view to investment.