Management / Secondary Buyout
With 700 employees worldwide, speaking 20+ languages and servicing 40 countries, Adare International is a truly global business. The £300 million turnover Global Marketing Procurement Services business works with some of the world’s leading brands in healthcare, FMCG, technology, consumer leisure and financial services.
Adare provides its clients, such as Nestle, Coca Cola, Carlsberg, Pfizer, Mars, JD Weatherspoon and Deliveroo with creative services, digital marketing, print management, promotional merchandising, point of sale marketing and logistics solutions.
Endless acquired Adare International in 2015 as part of the Adare Group, which consisted of four divisions (including Adare SEC) operating in different markets but with a common theme in the communications and print sector. The shareholders agreed to sell the Group to Endless based on its compelling proposition to acquire the whole Group in an expedited timeframe despite a number of complex deal and legacy issues. In particular they valued Endless’ unique ability to complete its own financial due diligence of all four divisions within a two week timeframe.
Since Endless’ investment in the business, Adare International has grown significantly through investment in organic growth and bolt-on acquisitions. Investment has been made into all areas of the business including into Adare’s market leading procurement system which allows it to efficiently source thousands of products from around the globe, delivering significant savings for its customers. Their international footprint has expanded into a market leading presence in Latin America with this success in International Trade recognised through the 2016 Queen’s Award for Enterprise. In addition, the business acquired Banner Managed Communication in May 2016, a transformational move which grew the business by over £40 million and strengthened its global platform and service offering. In 2017, we separated the Group into Adare SEC, focussing on print services, and Adare International, to allow the respective businesses to focus on their core proposition.
In mid-2017, Andrew Dutton and Ray Berry joined the business as CEO and CFO. Since their involvement the business has gone from strength to strength, with a significant amount of operational improvement and by winning and delivering successive highly complex, global contracts to drive further growth and diversification. Key focus has also been brought to Adare International’s marketing agency division ‘Purple’ which has seen sales more than double since our acquisition. This has driven the business from a £90 million regional European player to the £300 million global business that exists today.
In August 2021, we completed the sale of Adare to HH Global Limited (‘HHG’) – one of the other leading businesses in the sector. The new combined business will comprise over 4,000 employees across more than 50 countries, generating approximately $2.1bn in annual sales. The acquisition will bring new clients and new skills to the combined business and will be a significant step forward for HHG as it consolidates a leading position in the market.
Aidan Robson, Partner, Endless commented: “The transformation of Adare over the last four years has been extraordinary. The ability of the business to drive through operational improvements, whilst maintaining and growing its blue-chip customer base is testament to the hard work of the management team – I am extremely proud that Endless has been able to support them on this journey. The acquisition by HHG will bring huge benefit to both businesses and I have no doubt that the combined group will be highly successful across the globe.”
Andrew Dutton, CEO of Adare, commented, “With Endless’ support, Adare International has gone from strength to strength. Their insight and willingness to support management’s strategy has allowed us to accelerate our investment in organic growth. For example our pioneering expansion into Latin America and the strategic acquisition of Banner Managed Communications in the UK. I am confident that the acquisition of Adare by HH Global will further accelerate our global expansion and diversification and is a fantastic home for the business and our colleagues.”