We originally invested in Vasanta Group back in 2009 and the business was transformed in 2014 when we completed our first Public to Private transaction with the acquisition of office2office plc. The resulting combined business, now called EVO Group, is the UK and Ireland’s largest multichannel supplier of business supplies with sales in excess of £500m.
Endless were able to invest in the group and secure further bolt-on opportunities given its ability to move at speed and flexible approach, which others could not compete with.
THE OPPORTUNITY
EVO provides sourcing, storage, specialist and value-added fulfilment services to retailers, resellers, consumers, large public sector bodies and corporate organisations through its trading brands VOW, Banner, Complete Business Solutions and Staples. The product offering spans the full range of business-critical supplies, from office essentials, facilities supplies, technology, furniture and print management.
EVO enables both local and global manufacturers to reach all areas of the market via specialist teams and specific service offerings. It holds a position of strength within its market place, offering unparalleled scale, infrastructure and expertise.
With an impressive logistics platform operating a branded fleet of 550 vehicles and the broadest multi-channel sales structure, EVO has a leading position in each of its chosen market segments.
THE IMPACT SO FAR
Following the acquisition, Endless worked closely with the business to strengthen the management team and drive the operational improvement strategy, which resulted in a material uplift in underlying profitability. This was driven by a mixture of organic and inorganic activity, most notably through the acquisitions of Office2Office in 2014, Premier Vanguard in 2019, Staples in 2020, Complete Business Solutions in 2023 and the 5Star brand in 2024.
THE EXIT
In March 2025, Endless successfully exited its investment to management, with Andrew Gale, evo CEO leading a management buy-out. Evo secured a £93m refinancing package with Leumi and Close Brothers to enable this transaction.
Commenting on the MBO, Andrew Gale said: “Endless have been a fantastic investor in evo over the past 16 years and together we have navigated this period with the support of some high-quality individuals. With a 16-year Endless training course behind me, I’m now much better equipped to lead evo – so thank you.”
