PennantPark acquires AKW Group of Companies

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.

Nick Parsons, AKW’s Chief Executive Officer says,

“I am excited to be re-joining AKW and to begin a partnership with PennantPark. PennantPark’s experience, resources and commitment to the business will enable the Company’s employees to execute on its long term strategic plans.”

Jose Briones, Partner at PennantPark goes on to explain,

“We are very pleased to partner with Nick Parsons and his management team to support the next evolution of the AKW growth story. We believe the Company has tremendous near and long term opportunities for growth given its superior product offerings and unparalleled service to its customers.”