ENDLESS & ENACT SPRING NEWSLETTER

A backdrop of uncertainty and change has been a recurring theme for UK businesses in recent years and the changes to tariffs recently announced by the US government has created further challenges for businesses across a range of industries.

However, with uncertainty often comes opportunity, and at Endless and Enact, as we step into the spring months, we are here to support UK businesses to overcome these challenges and to capitalise on sustainable, long-term growth opportunities.

Against this backdrop, we’re pleased to share the latest updates and activity from across Endless and Enact.

STRONG EXIT MOMENTUM CONTINUES

We’re pleased to share that Whitworths Food Group is set to welcome KTC Edibles Group into its growing family of food businesses, with the deal now awaiting final approvals. Since acquiring KTC in 2022, Endless has worked closely with CEO Paresh Mehta and his team to significantly grow the business – boosting turnover by over £150 million and doubling profitability. With strong investment, key acquisitions, and operational transformation, KTC is now firmly established as the UK’s leading edible oils and fats platform.

Aidan Robson, Managing Partner of Endless LLP, said: “We are very proud of what we have achieved with KTC over the last three years and have thoroughly enjoyed working with Paresh and the KTC team. Through everyone’s hard work, we leave KTC in an excellent position as the premier supplier of edible oils and fats in the UK with substantial headroom for further growth.”

We also successfully sold Karnova Food Group to OSI Group, a global leader in food processing. Since acquiring Karnova in 2020, we have supported its growth and operational transformation, positioning the business for long-term success. The acquisition by OSI Group marks a significant milestone, ensuring continued innovation and expansion for Karnova under its new leadership.

Endless Investment Director James Warburton commented: “This story reflects our ongoing commitment to unlocking value and fostering growth in the businesses with which we partner. We did not envisage selling Karnova this early but OSI made clear their ambitions for the business and they will be a fantastic long-term owner for the business with a market leading reputation.”

We are thrilled to announce the next chapter for evo, as CEO Andrew Gale and his team take the reins through a new partnership with long-standing lenders Leumi ABL and Close Brothers. This marks a successful exit for Endless, who have been proud to support evo’s remarkable growth journey since 2009. During that time, the business has grown into a £500m+ group of six brands, employing over 2,000 people across the UK.

David Isaacs, Endless Director, commented: “It has been a pleasure working with evo in recent years and to see the business go from strength to strength. There have been improvements to all areas of the business with record EBITDA being delivered, the product offering constantly evolving and an extension of its route to markets.”

We are also pleased to announce the successful MBO of ARRAN Sense of Scotland, the renowned luxury fragrance and body care brand. This transition marks an exciting new chapter, ensuring ARRAN Sense of Scotland continues to thrive while staying true to its heritage and values.

Remarking on the transformation and sale, Director at Endless Adam Keasey said: “ARRAN Sense of Scotland is a fantastic business with a rich history and a bright future. We are confident that under Kevin’s leadership, and with the continued involvement of the founding family, the company will thrive and further its legacy as one of Scotland’s most cherished brands.”

In March, Edbro Hydraulics was acquired by Orsan Automotive, part of the Turkish-based Orsan Industries group. Under Enact’s ownership, Edbro strengthened its market position and invested in new technology, paving the way for this exciting next chapter. Orsan’s global footprint and complementary product range make it a strong strategic partner to support Edbro’s continued growth.

Enact Partner Richard Harrison said: “Orsan represent a fantastic strategic fit for Edbro. The Company and its employees will benefit from being part of a larger group that can help it to further develop its commercial offering and penetrate new international markets.”

BOLT-ON ACQUISITION FOR REALISE

Backed by Enact, Realise Training Group has continued its impressive growth journey with the acquisition of Smart Gas Training and Assessment Centre. This marks Realise’s third acquisition in as many years, further strengthening its position as a leading UK training provider and expanding its reach into regulated employment sectors. The deal supports Realise’s strategy to offer more tailored, industry-specific training solutions, while aligning with national efforts to boost skills in key areas like construction and green energy. With ongoing support from Enact, Realise is well-positioned to accelerate its mission to support social mobility and economic growth across the UK.

DOUBLE AWARD WIN FOR GARRY

We were delighted to see that our Founder, Garry Wilson, was named both Ambassador of the Year at the 2025 Yorkshire Business of the Year Awards and also receive the Real Deals Private Equity Awards Hall of Fame nomination for 2025. As Endless celebrates its 20th year, this recognition is a testament to Garry’s passion, vision, and the incredible journey on which the firm has been. Congratulations Garry – what a fantastic way to mark this milestone year!

This news followed ‘hot on the heels’ of award wins for Andrew Ross, Partner at Endless, who was named Insider Media UK Dealmaker of the Year 2025 and also Giusy Bicchierri, Investment Manager at Endless, who was named Young Finance Professional of the Year 2025 at the Yorkshire Finance Leaders Awards. Great recognition for Andy and Giusy!

Thank you for taking the time to catch up on our latest news. As we step into the spring season with renewed energy and optimism, we’re excited about what lies ahead. We truly appreciate your continued support and look forward to sharing more positive updates and progress with you in the months to come.

Warm regards,

Aidan and Chris