ENDLESS & ENACT AUTUMN NEWSLETTER

The autumn season is very much upon us and since our last newsletter we have all been digesting the potential impact of Rachel Reeves first budget as Chancellor on business growth and economic stability. Not forgetting that we will start 2025 with Donald Trump back in the White House for a second term. The macro environment therefore continues to provide both challenges and what should be opportunities for us all. But a little closer to home, we would like to share with you our latest news from across Endless and Enact.

We said goodbye to Sewtec at the beginning of the quarter after a seven-year partnership that saw the business successfully ride the challenges of Brexit and Covid and establish itself as a leading player is its markets. It has been a pleasure to work with the team at Sewtec on a journey that saw us move into a purpose-built facility and grow into new market segments across the globe.

The transaction sees Sewtec become the key asset of the AIR portfolio, a US based operator in the manufacturing automation industry. As part of the transaction, Mark Cook, Chief Executive of Sewtec was appointed as Chief Operating Officer of AIR. He said, “This transaction represents an exciting new chapter in Sewtec’s long history. I believe AIR is the right partner for Sewtec as we look to grow our business with existing and new customers.”

Last month we also completed our sale of Menzies Express and Newstrade operations to InPost UK, building on the exclusive logistics partnership launched in 2023. To those that don’t know, InPost run the lockers you see everywhere from train stations to news agents. We look forward to seeing the Menzies business continue to benefit as this market grows. To see this business be transformed from a legacy newspaper distribution business in a declining market to one leading the fast-growing locker delivery market is a fantastic story of the impact we can make.

On the investment side of things, we enabled SuperBike Factory to acquire new operations in the South of England which has been a key pillar of our investment strategy. Paul Denvers, Partner at Enact, said; “Since our investment in late 2023, we have been proud to support the business and its management team as they execute their growth strategy. This additional investment underscores our commitment to accelerating these plans through strategic M&A. We’re confident the business is well-positioned for continued expansion and the opening of new operations across the UK.”

Endless portfolio company Hovis Ltd featured in the latest British Private Equity & Venture Capital Association (BVCA) report — Private capital: Building a better economy for the future. It has been part of our DNA since we were established in 2005 to try to have a positive impact on established British businesses and look forward to working with many more in the future.

We are also both humbled and delighted to report our recent successes at the Insider Media Dealmaker Awards in both the North West and Yorkshire over the last few weeks. Our Manchester team were awarded Private Equity Team of the Year and this was followed up in November at The Yorkshire Dealmaker Awards with our Leeds team also winning Team of the Year as well as International Deal of the Year. To top it off, our Leeds partner, Andy Ross, was announced as Dealmaker of the Year. Congratulations to the team — but we couldn’t do it without the help and support we receive from everyone in the corporate finance and business communities. Thank you all.

The team also hit a few milestones in the last few months. Stefan Nowakowski, David Isaacs, Paul Denvers, and Chelsea Sidaway all celebrated their 10-year anniversary’s at the firm. When they started back in 2014 Donald Trump was still on the American Apprentice and Rachel Reeves was starting out as a new MP for Leeds West. Some things change and some things stay the same.

Thank you for taking the time to read about what we have been doing over the last few months. As we approach the busy Christmas Season, we look forward to catching up with you very soon.

Warm regards,

Aidan and Chris