Wed, 02 Jul 2014 | MBO/MBI
Bathroom retailer Bathstore has been sold in a management buy out deal, providing an exit for turnaround investor Endless.
Endless bought the flagging 172-store business in 2012 for £115 million, and has since turned it around, growing its sales by 30 per cent and EBITDA by £5 million.
The deal will see Endless - who has ploughed about £11 million into the business - pocket a fivefold return, though the exact sale figure is unknown.
Endless brought in Gary Favell, the former chief executive of furniture seller MFI, to build its online growth, customer service and new product lines.
American billionaire Warren Stephens, who already has interests in private equity and banking, has backed the MBO and is working with Bathstore’s bosses, including Favell, to achieve the deal.
Favell commented on the situation: “Endless’ support has been invaluable in helping us deliver the improvement in business performance. With their support we have re-established bathstore as the market leading brand in the sector. With our new partner we will continue bathstore’s growth into the future.”
Founded in 1988 as a plumbing and heating trade shop in Croydon, London, it was known as Bathrooms Direct until 2002. It was purchased by builder’s merchant Wolesley in 2003, who grew store numbers from 50 to 182 by the end of 2007/08. It had to be restructured after the recession set in, with about 19 stores shut down.
______________________________________________________________________
Related information:
Business Sale Report blog - Economic recovery separates the weak and strong
Offering for sale the business and assets of Project Pinnacle as a going concern, an independent chain of builders and timber merchants selling to trade professionals and the general public.
The company provides a comprehensive range of multimedia solutions for the wire, cable, tube, pipe and fasteners industries comprising print magazines, digital magazines, websites, digital platforms and social media benefitting from digital advertisi...
An established Irish based engineering business, providing supply, fabrication and erection structural steel solutions to customers across the island of Ireland and Great Britain.
28
|
Mar
|
NI pharmacy group acquires third site | BUSINESS SALE
A family-run community pharmacy group has expanded with the ...
28
|
Mar
|
Vehicle upcycling group falls into administration | ADMINISTRATION
Lunaz Group Limited, a vehicle electrification and upcycling...
28
|
Mar
|
Food service business acquired at more than 10x profits | BUSINESS SALE
Total Foodservice, a wholesale catering supplies business, h...
02
|
Oct
|
Bathroom retailer acquired in pre-pack deal | BUSINESS SALE
Bathroom retailer Victoria Plum has been acquired by e-comme...
08
|
Jul
|
Theo Fennell management acquires business from Endless | BUSINESS SALE
Private equity firm Endless has sold British jewellery and s...
11
|
Jun
|
Menzies Distribution continues growth with JBT acquisition | BUSINESS SALE
Menzies Distribution, which is backed by private equity firm...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.