Endless LLP ('Endless') is pleased to announce that it has sold a majority stake in Pearl Fittings Limited ("Pearl Fittings") to an affiliate of Sun European Partners, LLP ("Sun European Partners"), the European adviser to Sun Capital Partners, Inc. ("Sun Capital").
Pearl Fittings manufacturers and distributes plumbing fittings to the retail and construction markets through IBP Limited ("IBP") and manufactures and distributes hydraulic hoses and fittings to all sectors of the fluid power industry through Europower Limited("Europower"). Group turnover in 2006 will be approximately £120 million and the Group employs approximately 1,200 people. Manufacturing facilities are located in Poznan, Poland; Cordoba, Spain; and Whitby and Dundee, UK. Sun Capital Partners, Inc. is a leading private investment firm specialising in leveraged buyouts and investments in market-leading companies. The terms of the transaction were not disclosed, but will represent a cash payment to Endless and a cash injection into Pearl Fittings.
Warwick Ley, Investment Director, Endless, said: "We are delighted that Sun European Partners has made this investment in Pearl Fittings. We believe that, given their operational expertise and long track record of success, they will help us and the management team make the most of this exciting opportunity. Pearl Fittings is now extremely well placed for future growth and since our acquisition of the business in March 2006, turnover has grown rapidly. The full benefit of this will feed through in 2007. We remain as significant minority investors in the company and look forward to working alongside Sun European Partners on this investment.
Endless is a private investment vehicle based in Leeds and Manchester, focusing on regional buyouts and turnarounds. Since its launch in December 2005, Endless has completed 15 transactions, with the sale of majority stake in Pearl representing its third divestment.
The Endless investment team comprised Garry Wilson, Warwick Ley and Aidan Robson. Del Huse and Malte Zaunders of the Corporate Finance arm of Kroll Talbot Hughes and Debbie Jackson and Peter Considine of Walker Morris provided financial and legal advice to Endless respectively.
Further Information:
Capital MS&L
Peter Curtain / Astrid Josephson +44 (0) 20 7307 5330
+44 (0) 7733 301 707
Endless LLP
Garry Wilson/ Warwick Ley +44 (0) 7785 225147 / 7775 818602
Notes to editors:
Endless LLP
Endless provides investment and financial advice to support buyout, turnaround and refinancing situations with equity and debt injections. Based in Leeds, the firm prides itself on its market-leading speed combined with ultra-efficient service. Endless makes its own investment decisions, without any need for approval by a credit committee. Supported by private investment, Endless has raised an initial fund £100 million to invest.
Sun Capital
Sun Capital is a leading private investment firm based in Florida and New York and has over $3.5 billion under management. Sun Capital affiliates have invested in and managed more than 125 companies worldwide since Sun Capital's inception in 1995 in the United States, with combined sales in excess of $30 billion, over $2 billion of which is in Europe.
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