ENDLESS ACQUIRES CARPET AND FLOORING FROM SIG PLC
Endless LLP is pleased to announce that it has supported the carve-out of SIG plc’s Carpet and Flooring business (“C&F”). C&F is one of the UK’s leading floor distributors, serving customers from 12 sites across England, Scotland and Wales. The newly formed company will now trade as Carpet and Flooring (Trading) Limited following its separation from SIG.
C&F was established in 1992 and has grown into one of the largest distributors of floor covering products – stocking and distributing products from Europe’s leading flooring manufacturers. With turnover of £100 million, the business employs more than 380 people across its national branch network including its distribution centre in Redditch, in the Midlands.
Lisa Tomlin, Managing Director, said, “This is a very exciting time for our company and for our people and we are delighted to have Endless as our new partner. Endless was immediately aligned with our growth ambitions and the future feels very bright. We are also grateful to SIG for enabling us to deliver this buyout quickly once it was clear that Carpet & Flooring no longer fitted with its core strategy."
With a focus on transformational investment in mid-market businesses, Endless LLP has an unrivalled track record in non-core buyouts from large corporates. Having started investing its fourth fund of £525 million two years ago, this will be Endless’ 14th deal from the fund following investments in businesses such as Imtech, MTI, Arran Aromatics and Essential Fleet Services.
Aidan Robson, Partner at Endless, commented, “We are delighted to be supporting Lisa Tomlin and the management team with their growth plans for Carpet & Flooring. The business has huge potential and we have earmarked significant investment to support the company’s operational and commercial initiatives. This will see the company’s national footprint expand significantly over the coming years. As a ‘hands-on’ transformational investor, this is exactly the sort of business we know we can help and we are excited to be taking Carpet & Flooring forward into its next growth phase.”
Endless was advised on the deal by Walker Morris (legal) and KPMG (tax). SIG plc was advised by Squire Patton Boggs (legal) and PwC (tax).