Fri, 15 Mar 2013 | MBO/MBI
Turnaround investor Endless LLP has concluded a successful investment in Acenta, selling its majority stake for a profit.
Acenta, the largest independent processor and distributor of bright steel bars in the UK, achieved a turnover of £82 million spread between its six sites in Britain. For Endless, this strong turnaround has helped it sell its share for a return of around six times its original investment back in January 2011.
Existing management shareholders bought the company out, led by CEO Tarlok Singh and CFO Colin Mills. They also received support from Acenta's long-term funding partner, GE Commercial Finance.
Darren Forshaw, partner at Endless, commented on the successful turnaround: "Our investment in Acenta Steel just over two years ago took place when its US owners viewed the business as non-core and the company faced some difficult challenges due to the volatility in worldwide steel demand.
"We recognised the long term prospects for the business and also the strength of its market position and its people. Tarlok and Colin have led the business through an unprecedented period of success and it is now in a great position to achieve long term sustainable growth."
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