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    Findel Education

    We acquired Findel from Studio Retail Group Plc in April 2021. Endless were immediately attracted to the business given its untapped growth potential and the opportunity to back the executive team to further build on its market leading e-commerce platform.

    Endless were able to move at speed and underwrite the entire transaction, a combination that others could not compete with, to provide the vendor with certainty of completing the transaction ahead of its reporting period.

    The investment adds to Endless’ expertise in carving out non-core and potentially unloved subsidiaries from larger corporates and providing a safe home for them.


    Findel is an e-commerce led educational resources platform with a meaningful and growing share of a fragmentated and very resilient market. Its family of well-known brands, including GLS, Hope, Philip Harris, Davies Sports and Scandiborn offer exceptional value and customer service across an extensive product range.

    The product range covers everything from everyday essentials, art & design, curricular materials, furniture, science and sports equipment, which are supplied into schools, nurseries and parents, both in the UK and internationally.


    Under new ownership, the business has invested in its executive team with the appointments of a Chairman, Marketing Director and Commercial Director to further bolster and strengthen the team alongside carrying out a full brand refresh.

    Findel has ESG at its core, with real tangible, meaningful public commitments made and delivered year after year. It refinanced with a Sustainability Linked Loan in March 2022, signed up to the Science Based Targets imitative (SBTi) and is an official supporter of the Terra Carta, all of which emphasises and supports its sustainability agenda.

    Endless provided additional funding support as part of the acquisition to enable management to explore further targeted M&A opportunities, driving growth and expansion into either new product, brand or customer segments. This came to fruition in August 2022 with the completion of the acquisition of Scandiborn, which is Findel’s consumer focussed Scandi-inspired nursery brand.

    During Endless ownership, as well as embedding its ESG credentials, the business grew its relevant market share, delivered sales growth, improved gross margins and doubled EBITDA performance – all within three years – a great example of transformational investment.


    In March 2024 Endless successfully exited its investment in educational resources supplier Findel to Manutan, the Paris-headquartered leader in European B2B ecommerce. Manutan, which has a specialism in educational supplies, employs 2,200 people and operates 28 subsidiaries across 17 European countries, including the UK. The business offers in excess of 800,000 products to its customers and has a turnover of €946m. The company’s mission is ‘enterprising for a better world.


    Discover a PE firm that invests more. If you’re a business owner, part of a senior leadership team or investor looking to revitalise a business with fresh opportunities, get in touch.