Management / Secondary Buyout
With 650 employees worldwide, speaking 20+ languages and servicing 40 countries, Adare International is a truly global business. The £250 million turnover Global Marketing Procurement Services business works with some of the world’s leading brands in healthcare, FMCG, technology, consumer leisure and financial services.
Adare provides its clients, such as Nestle, Coca Cola, Carlsberg, Pfizer, Mars, JD Weatherspoon and Deliveroo with creative services, digital marketing, print management, promotional merchandising, point of sale marketing and logistics solutions.
Endless acquired Adare International in 2015 as part of the Adare Group, which consisted of four divisions (including Adare SEC) operating in different markets but with a common theme in the communications and print sector. The shareholders agreed to sell the Group to Endless based on its compelling proposition to acquire the whole Group in an expedited timeframe despite a number of complex deal and legacy issues. In particular they valued Endless’ unique ability to complete its own financial due diligence of all four divisions within a two week timeframe.
Since Endless’ investment in the business, Adare International has grown significantly through investment in organic growth and bolt-on acquisitions. Investment has been made into all areas of the business including into Adare’s market leading procurement system which allows it to efficiently source thousands of products from around the globe delivering significant savings for its customers. Their international footprint has expanded into a market leading presence in Latin America with this success in International Trade recognised through the 2016 Queen’s Award for Enterprise. In addition, the business acquired Banner Managed Communication in May 2016, a transformational move which grew the business by over £40 million and strengthened its global platform and service offering.
In mid-2017, Andrew Dutton and Ray Berry joined the business as CEO and CFO. Since their involvement a significant amount of operational improvements have been made and they have won and integrated multiple highly complex and global contracts to drive further growth and diversification of the business. Key focus has also been brought to Adare International’s marketing agency division ‘Purple’ which has seen sales more than double since our acquisition.
Andrew Dutton commented, “With Endless’ support, Adare International continues to go from strength to strength. Their insight and willingness to support management’s strategy has allowed us to accelerate our investment in organic growth, for example our pioneering expansion into Latin America. Importantly in the UK, our partnership has also allowed us to secure the strategic acquisition of Banner Managed Communications which has paid dividends in our continued growth ambitions in the UK. As we continue our global expansion and diversification I am confident we have chosen a partner that will support us to drive benefits for all our stakeholders.”
Aidan Robson, who leads our investment, said “We are absolutely delighted with the progress the business has made since our acquisition, and especially since Andrew and Ray came on-board in June 2017. Adare has become a business with a truly international footprint and has successfully delivered several national and global contracts while also investing in its pioneering Purple division. This has created an excellent platform for further growth and value creation over the coming years.”