In September 2019, Endless Fund IV acquired the UK’s leading independent omni-channel outdoor furniture retailer, Moda Furnishings.
Headquartered in Manchester, Moda Furnishings was established in 2014 and has grown rapidly in sales and profitability in that time. It provides a comprehensive range of premium rattan garden furniture through its website (www.modafurnishings.co.uk) and its two showrooms in Manchester and Caterham (Surrey). The business offers a unique, modular range of designs with an exceptional reputation for customer service, innovation and quality of product.
Endless moved quickly to demonstrate the desire to support CEO Jonathan Brierley and COO Vallan McCarthy with their future plans, concluding an investment in around four weeks. All financial due diligence was performed in-house and the transaction was fully funded by Endless.
In August 2017, Endless completed the management buy-out of Sewtec Automation, now one of the UK’s fastest growing and successful bespoke robotics specialists.
Sewtec designs and manufactures complex industrial automation systems for global blue-chip clients in the pharmaceutical, personal care, pet care, food and beverage and tobacco industries.
More than 85 per cent of its sales are exports, with clients including Nestlé, Procter & Gamble, Imperial Tobacco, Tata Global Beverages and Hershey.
BBF is the largest own label cake manufacturer in the UK with turnover of over £160 million. It trades from four sites in the UK and one in Poland and employs over 2,000 people. The business delivers ‘best in class’ operational performance across a broad range of production capabilities including mince pies, fruit tarts, swiss rolls, celebration cakes and chilled desserts.
The initial investment in BBF by Endless happened in September 2015 and we were delighted to be joined by new CEO, Jonathan Lill, a few months later. The initial investment plan included a significant capital investment in the manufacturing sites in both the UK and Poland, best-in-class operational enhancements and a focus on new product development. Following the delivery of the initial plan, our attention turned to bolt-on opportunities.