American funds take over Worcestershire manufacturer

A bathroom by AKW

Manufacturer AKW, which specialises in accessible bathroom, kitchen and daily living products for people with reduced mobility, has been bought by an American fund.

PennantPark Investment Advisers, based in New York, has bought the company from private equity owners ECI Partners in a multi-million-pound deal.

£40m-turnover AKW employs 270 people between its Droitwich Spa headquarters and Isle of Man manufacturing site.

Anthony Collier and Steve Williams, partners at specialist business advisory firm FRP Advisory, advised on the sale, with legal advice from Tim Taylor at Addleshaw Goddard. AKW was advised by Susan Kelly of Squire Patton Boggs.

Collier said: “AKW Limited is a market-leading business and we are confident that the company can be taken forward and fulfil its potential under PennantPark’s ownership.”

Since it was founded in 1982, AKW says its mission has been to support independent living with superior quality products that are practical, safe, and beautifully designed.

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