ENDLESS & ENACT SPRING NEWSLETTER

As spring arrives and breathes new energy into the year, we find ourselves navigating a business landscape shaped by ongoing geopolitical changes. These shifts bring both fresh challenges and exciting opportunities for UK businesses, and at Endless and Enact we’re here to support management teams with capital, speed, and practical expertise to foster sustainable growth.

In this edition, we’re delighted to share highlights and updates from both our funds. It’s been a period marked by strong exit activity, the addition of four promising investments into our portfolio, and significant milestones across the business.

STRONG EXIT MOMENTUM CONTINUES

We’ve continued to build strong momentum with successful exits. Last year, Endless saw the departure of KTC, EVO, Karnova, and Arran Aromatics and Enact ended 2025 on a high note, completing the sales of Realise Training Group and Greenray Turbine Solutions.

Our journey with Realise began in October 2020, focusing on investment in people, driving M&A activity – including three bolt-on acquisitions – and developing a new long-term growth strategy. During our ownership, Realise earned accolades such as Apprenticeship Provider of the Year and Best Large Workplace for Women in the UK, with headcount growth exceeding 25%. The sale to AQA, a respected not-for-profit education charity, marks an exciting new chapter for Realise.

Greenray Turbine Solutions, acquired in 2019 during a period of financial stress, was transformed through close collaboration with management, operational improvements, and developing new revenue streams. The successful sale to Flowserve Corporation, a US trade buyer, capped a journey of resilience and progress.

Reflecting on these achievements, Chris Cormack, Managing Partner of Enact, remarked, “2025 was a very positive year for Enact. Alongside two great exits, we also completed three acquisitions, giving us strong momentum into 2026 as we continue to invest. Our focus remains on partnering with management teams to build value and support long-term progress.”

February brought another milestone: the sale of American Golf, the UK’s largest golf retailer, to an investment group led by Peter Jones of Dragon’s Den. Endless Managing Director David Isaacs commented, “We are incredibly proud of American Golf’s development over the past eight years and excited for its next chapter, built on a solid foundation for future growth.”

Our dual-fund strategy – Endless Fund V and Enact Fund III – continues to offer flexibility, enabling us to support a wide spectrum of opportunities across the UK mid-market. Whether it’s larger organisations seeking strategic development or SMEs embarking on their next growth phase, our approach is hands-on and tailored to the unique needs of each business. We aim to unlock potential and foster sustainable growth, whether through providing a new home for non-core divisions or facilitating exits for founders and family owners.

Carve-outs and corporate disposals remained a significant part of our activity through 2025, and we expect this trend to continue as corporates refine their strategic focus in 2026. Our ability to act quickly and deliver certainty, often conducting diligence in-house and funding deals without external bank finance, sets us apart in this space. Last year, we completed four carve-out acquisitions—Veloris, HSS, GEO Specialty Chemicals, and Waddington Europe—demonstrating our commitment to supporting non-core assets and guiding teams through transitions.

AN ENJOYABLE EVENING AT THE YORKSHIRE DEALMAKERS AWARDS

We’re also thrilled to share that Endless was recognised at the Yorkshire Dealmakers Awards, taking home three accolades. Garry Wilson and Darren Forshaw received the Lifetime Achievement Award, acknowledging their significant contributions since founding Endless in 2005. Endless was also named Private Equity House of the Year for the second consecutive year, coinciding with our 20th anniversary. The National/International Deal of the Year was awarded for the strategic acquisition of Ecobat Battery Division, showcasing our ability to navigate complexity and drive growth in European distribution. Congratulations to Andy Ross, Tom Callaghan, Mia West, and Chloe Sellwood for their outstanding work on this deal.

The National/International Deal of the Year was awarded for the strategic acquisition of Ecobat Battery Division, showcasing our ability to navigate complexity and drive growth in European distribution. Congratulations to Andy Ross, Tom Callaghan, Mia West, and Chloe Sellwood for their outstanding work on this deal.

A heartfelt thank you also goes out to you – the professional community – whose partnership and support enables us to achieve these milestones.

Finally, and on a personal note, we want to wish James Woolley all the best in his retirement. His contributions to Endless have been significant and we wish him every success in his next chapter.

Thank you for your ongoing interest and support. As we look ahead, we are energised by the many opportunities that lie before us.

Warm regards,

Aidan and Chris