£40 million boost for Endless portfolio
UK private equity house, Endless LLP, which specialises in transformational investment into mid-market UK companies, has committed to support more than £40 million of capital expenditure projects across its portfolio in the next year. The portfolio of Endless investments operates across a wide variety of sectors, including retailers Bathstore and The Works, office products distributor Vasanta Group, business process outsourcing specialist Liberata and one of the UK's largest pork producers Karro Food Group. The Endless portfolio of companies has a turnover in excess of £1.5 billion, with more than 12,000 employees.
Garry Wilson, Managing Partner at Endless, commented: "At a time when the indications of growth in the UK economy are encouraging, this is further evidence that UK businesses are gaining the confidence to invest in the future. We are effectively investing more into our portfolio than the profits the companies earn after tax, so every penny they make and more this year is going back into the businesses to drive their future prosperity."
Mr Wilson expanded: "We are passionate supporters of UK business and see long term investment as the best way to drive value growth. We have recently seen a notable increase in the number of opportunities to acquire non-core subsidiaries of larger groups and it appears our track record of investment makes us a good home in the eyes of those parent companies looking to divest."
Endless most recently acquired James Briggs, an aerosols and speciality chemicals manufacturer, based in Oldham in July 2013 from the US industrials group ITW Inc. Endless is best known for the transformational turnaround of Crown Paints, which was acquired in 2008 from Akzo Nobel when it was making losses of £13 million and was sold in 2011 with its profits nearing £20 million.
The £40 million investment being made across the portfolio is spread across initiatives to open new markets, deliver operational step-changes and defend competitive positions. This includes investing more than £20 million in new production lines, facilities and operational developments, £8 million in new sites and stores and £6 million in IT, e-commerce and digital platforms. Endless expects to continue to commit similar amounts in subsequent years.