Hillarys has been through a secondary management buyout following a £115m deal with Change Capital Partners, a private equity firm headed by Luc Vandevelde.
Change has appointed two investor directors to the board - Steve Petrow and Lorenzo Russo.
But Hillarys' own James Nicholson is stepping up to be chief executive and managing director of the Nottingham blind manufacturer, which has a forecast turnover of £85m to September this year.
The rest of the board includes Fiona Ferguson as group marketing director, Mick Shanks as group sales director and David Burke as group manufacturing director.
Ferguson said although Change clearly has a retail background, with a former Marks & Spencer's chairman at the helm, Hillarys at the moment has little desire to expand its existing network of 14 mainly Midlands-based showrooms.
The company, which has a 22 per cent share of the UK market in made-to-measure blinds, operates mainly through direct marketing and two call centres in Nottingham and Scotland.
Ferguson said Change was the preferred choice for Hillarys mainly because of its consumer product rather than retail experience.
She said: "We felt it was time to move on after Mike Snapes stepped down as executive chairman. Change just had so much of the same cultural values."
She added that outgoing venture capital partner Close Brothers was "totally happy" with the deal. The deal is Change's second since it debuted by investing in Robert Dyas in February.
As for when or if the company would ever float on the stock market, Ferguson said such a possibility had still not been ruled out. "But it's not in our flatplan or in our current vision," she said.
The buyout was originated for Change Capital by Catalyst Corporate Finance in Nottingham. Added director Keith Pickering: "Close went in in 2001 and we knew that at some point it was going to come around for sale. We had experience in the sector through Thomas Sanderson and were able to add value at all levels". The deal was also funded out of Nottingham by Royal Bank of Scotland.
