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Testimonial

What we particularly admired was the speed with which Endless put the deal together, as well as the professionalism of its advisory team.

Ian Harrison, Chairman Speed Frame

Speed Frame

www.speedframe.co.uk

Transaction Type: Turnaround Finance
Status: Current Investment
Sector: Windows Manufacture
Investment Date: December 2005
Deal Size: £13 million

Endless Contact: Phil Tate

THE BUSINESS

Founded in 1994, Speed Frame has grown rapidly to become the UK’s largest manufacturer and distributor of PVC windows, doors and conservatories, with annual revenues of £32 million.

The business operates from ‘best in class’ manufacturing facilities near Doncaster. The facility spans over 300,000 sq ft and has been developed orgainically over time by the company and now includes manufacturing, warehousing, office space and glass production facilities.

The business focuses on the growing new-build market, supplying direct to a number of leading national house builders, including Barretts, Wimpey and Miller.

Speed Frame’s competitive edge is its national coverage, being one of only two national players in the market. This is complimented by its industry leading customer service standards.

INVESTMENT COMMENTARY

Speed Frame represents Endless’ first acquisition, a significant milestone in our development and it came within the first week of opening for business.

After a long track record of profitability, the business ran into difficulties in 2005 due to a failed attempt to expand into the Iberian market. This led to a cash crisis in late 2005. We acquired the business in December 2005 and due to the severity of the cash position, we had to act quickly. We completed the acquisition within a week of meeting management.

We were attracted by Speed Frame’s core business and in particular its superb manufacturing capability. Following the acquisition we closed the Iberian operation, strengthened the executive management team, injected working capital funding and carried out a refinancing of the business which will release further working capital.

Management are currently concentrating on driving down costs and on growing total market share. Cost reductions are in large part attributable to a shift to direct material sourcing from China, which is proving very successful.

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