Further expansion beckons after acquisition of textile specialist
Blackburn-based textiles group Vision Support Services (VSS) has been sold to US group WestPoint Home, for an undisclosed sum.
VSS has grown to become Europe’s leading supplier of textiles to the hospitality sector, boasting key customers such as Marriott, Hilton and Accor, as well as John Lewis in retail, and the Ministry of Defence in government.
VSS also has a growing foothold in Asia, having built service centres in China, India and Pakistan and sales operations in Dubai, Kochi and Hong Kong.
Headquartered in New York, WestPoint Home is an American leader in the supply of textiles to retailers such as Ralph Lauren and Target.
The combination of VSS and WestPoint Home is set to create a world-leading textile business with a dominant position in the hospitality sector.
The VSS management team will look to accelerate the impressive rate of growth that has already been achieved across Europe, the Middle East and Asia with a new push into North America.
Dan Wright, executive chairman and founder of VSS, responsible for its development to this point, will step down after the transaction to concentrate on his other business interests.
He said: “I am proud of the market-leading business that we have built at Vision, crowned last year by the Exporter of the Year National Business Award.
“We have grown revenues by over 10 times and expanded the employee base to over 150 across six time zones. I am pleased to hand over the reins to Laurie Thomas and the team who, with WestPoint’s backing, will be able to take the business to new heights.”
Laurie Thomas, the managing director who has worked alongside Dan in delivering growth in Vision since its inception, will continue to lead the business.
Laurie Thomas said: “This is a massive opportunity to grow with the support one of the world’s leading textile businesses and to make the combined business truly global in its supply and services.
“It is a testament to the skills, capabilities and efforts of our employees, across our office network from China to Ireland, and an opportunity for them to develop further.
“I would also like to thank Rickitt Mitchell for identifying and articulating the excellent strategic fit of VSS’ global operational structure and hospitality business with those of WestPoint Home.
“The insightful advice and considerable efforts of Rickitt Mitchell, Gateley and KPMG in delivering this transaction and supporting the entire VSS team throughout this process has been outstanding.”
VSS was advised by Neil Mitchell and Kaine Smith of Rickitt Mitchell & Partners (Corporate Finance), Mark Halliwell and Ffion Brumwell-Hughes of Gateley (Legals), Steven Heath and Zakari Hawley of KPMG (Tax).
WestPoint Home were advised by Andy Phillips and Helen Tsang of DLA.
