Accessible bathroom and kitchen products manufacturer AKW has been acquired by PennantPark Investment Advisors.
The acquisition will see AKW be fund-managed by PennantPark with its headquarters remaining in Braddan in the Isle of Man, as well as additional presence in Droitwich Spa.
It said that its mission will also remain unchanged, which is to support independent living for the elderly, disabled people and people with reduced mobility.
PennantPark has also partnered with industry veteran and former chief executive of AKW Nick Parsons in order to refocus the company strategy.
Several new products are also expected to be launched by AKW throughout 2018.
“I am excited to be rejoining AKW and to begin a partnership with PennantPark,” said Parsons. “PennantPark’s experience, resources and commitment to the business will enable the company’s employees to execute on its long-term strategic plans.
“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.”