NVM invests £24m in 12 months

NVM Private Equity (NVM) said it has invested £24m over the past year from its Northern offices.

The firm, which has bases in Manchester and Newcastle, has taken stakes in five businesses.

These include a £7m investment to back a management buyout at Nelson-based upholstered furniture manufacturer, Buoyant Upholstery, and £5.7m to back a similar deal at Cheadle-based events agency The Fresh Group.

NVM has also backed Stockton-on-Tees based Cleveland Biotech, It’s All Good, a Gateshead manufacturer of tortilla chips and other snacks, and Aberdeen-based oil and gas technology business, Arnlea.

NVM typically invests £2m-£10m in companies looking to grow organically, acquire another business or finance a change of ownership through a management buyout. Last year it said it wanted to invest £100m over a three-year period.

Andy Leach, investment director of NVM for the North West: “Since joining NVM 18 months ago, I have been greatly encouraged by the level of investment opportunities we have seen.

“There are many interesting businesses across the North West that have prospered, notwithstanding the challenging economic environment that has prevailed over the past five years, and are now poised for a step change in their growth.

“We have seen manufacturing reshoring back to the UK, as consumers opt for quality over cheap products and services. Entrepreneurialism and innovation is increasingly being supported by both UK finance and Government. I have great confidence that North West businesses will continue to prosper and grasp opportunities to grow both domestically and internationally.”