ENDLESS & ENACT SUMMER NEWSLETTER

As we enjoy the slightly better weather of the last few weeks and continue to be impressed by the talent and dedication of Team GB at the Paris Olympics, we are pleased to share with you our latest news from across Endless.

A busy few months for our teams in Endless and Enact kicked off with our Annual General Meeting held in London. Thank you to all our investors who attended and listened to our updates and news stories from our portfolio.

On the new deals front, Endless acquired Enablelink, a metal recycling business based in the West Midlands. This transaction delivered an exit for family owners and backed the incumbent management team to continue their excellent work to date.

The last quarter also saw our Enact investment, Accrofab, acquire RTI Advanced Forming, an aerospace components manufacturer based in Welwyn. This business was acquired from a large US corporate that deemed it non-core to its strategic objectives.

We also announced the sale of Pets and Friends, the retail division of our investment in Kennelpak to a trade buyer. This acquisition is the culmination of the hard work of our management team to reposition and revitalise this division in the highly competitive pet sector.

Our investment in ASCO, a logistics provider to the energy sector, completed an £80 million cross-border refinancing deal. This comprehensive funding package provided by BZ and Leumi ABL spans the UK, Norway, and Canada, ensuring strong cash flow support for its global operations.

June saw us announce the creation of the Karnova Food Group, the conclusion of the strategic merger of YPM and Smithfield Murray. Both are high quality processors of meat and this will allow the combined group to consolidate its position in the UK’s B2B protein sector.

It was fantastic to see our Enact investment, PAL International, a brand leading medical wipes producer, move into their new purpose-built manufacturing and office facility in Coalville, Leicestershire. This site will be a real asset to the company in the future and will be a great place to work for all their employees.

Our ongoing series of sector insights featured a Q&A with Jonathan Lill, the CEO of BBF Limited, who provided insight and perspectives on the food and beverage sector. Jonathan shared his journey, the impact of strategic bolt-ons helping to drive BBF’s growth and how they successfully met the inflation challenges in the sector.

We also held a number of Connections and Portfolio Dinners for management teams and sector leaders. We are delighted that so many of you gave up some of your free time to enjoy dinner and debate with us.

In recent team news, we have welcomed 3 new starters over the last few months, and we continue to build and invest in our organisation. A special mention to our colleague Kayleigh van Eyk, an Associate Director in our London office who completed a gruelling South African double marathon in under eight hours. An astonishing achievement.

We continue to be busy, but we always value the opportunity to connect with you, our valued partners and clients. We were delighted to see so many of you at our Leeds and Manchester BBQs recently and look forward to the same in London in September.

Can we take this opportunity to hope you enjoy both your Summer break and what’s left of the Olympics and we look forward to catching up with you very soon.

Warm regards,

Aidan and Chris