Stairlift maker buyout by firm

Kingswinford stairlift manufacturer Minivator has been bought by a Norwegian company in a multi-million pound takeover deal.

Bosses have moved rap-idly to quell any workforce fears about jobs, stressing the takeover will mean future growth for the company not cuts.

Chief executive Mike Lord said: "We are recruiting another 30 people this year, and expect to grow by 12 to 15 per cent."

The firm, which employs 250 people at its Pensnett estate HQ, has been acq-uired by the Handicare group. "Handicare only has a couple of small operations in this country," said Mr Lord. "They see us as their gateway to the UK market."

The Norwegians have bought the company from its directors and from venture capital group Gresham PE, which backed the managed buyout of the business in 2005. Gresham has said it made 3.4 times its original investment.

Since then the Minivator workforce has more than doubled to 420 in the UK and overseas, while turn-over is now £48 million a year. The company was awarded the Express & Star's Best of the Black Country award in 2008.