Founded in 1998, Character World supplies licenced bedding and associated homeware product. The business is on track to reach sales of over £32m to December 2014. The firm employs 74 UK staff and eight in China and is led by brothers Mark and Danny Schweiger. The deal sees an exit for RJD Partners, who funded a management buyout with the Schweigers in 2008.
A £16m investment from Palatine and funding from RBS will allow Character World to consolidate its UK market leading position and capitalise on international growth. Palatine partner, Andy Lees and Investment Manager, James Winterbottom will join the Board as non-executive directors.
Danny Schweiger, joint managing director at Character World, said: “We’re delighted Palatine will be backing Character World in the next phase of our exciting journey. My brother Mark and I will continue to run the business and our focus going forward will be on growing our UK business whilst becoming a successful international company. The future is full of opportunities that we intend to grasp.”