Endless raises £400m to address 2021 market opportunities

Garry Wilson, managing partner, Endless

Private Equity investor Endless LLP has just announced it has raised its fifth fund, securing £400m to invest in UK mid-market opportunities.

The private equity house, based in Leeds with Manchester and London offices which recently acquired Hovis, hit its fundraising target in 12 weeks through a process largely carried out by video calls and an online dataroom.

Garry Wilson, managing partner at Endless said: “To be able to raise £400m in 12 weeks without the ability to meet face to face with our investors is a testament to the firm’s track record in the last 15 years and the fact that the volatile current market conditions will bring the best out of the Endless team and our portfolio. As we approach our 15th anniversary, this brings total funds raised by Endless to almost £1.4bn. Since we founded the firm, we have made more than 80 acquisitions and safeguarded over 40,000 jobs”.

Alongside the support of global investors including world-leading universities, pension funds, family offices and charitable foundations, the Endless team has made a £50m personal commitment to the fund and is the joint largest single investor in Endless V.

The fundraise rounds off a busy 12 months for Endless, which in addition to Hovis has acquired BSW Timber, Moda Furnishings, Victoria Plum and several bolt-ons as well as the disposals of MTI Technology and Antler Luggage.

Fund V, unlike its predecessor funds, will not invest less than £10m, with the firm’s SME platform, Enact, led by Chris Cormack, increasing its maximum investment cheque from £5m to £10m.

Manchester office partner Tom Jack said “As we near the end of one of the most challenging years for UK businesses in recent times, raising Fund V offers a fantastic opportunity to continue to invest across the UK mid-market and to support businesses in their growth ambitions. We look forward to working with management teams, their advisors and other stakeholders to bring certainty to situations quickly, through our focused approach to transformational investment.”

The fundraise was managed in house by the head of investor relations, Lucia Villamor, working alongside general counsel Simon Hardcastle and finance director Chris Lewis.

Villamor said: “The support for this fund has exceeded our expectations, especially given the current uncertainty and the challenges of having to run a virtual fundraising process.”

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