Clearwater advises on Moulton’s acquisition of Everest

BETTER Capital, the turnaround business owned by venture capitalist Jon Moulton, has acquired replacement window and conservatries manufacturer and installer Everest in an undisclosed deal part advised out of Birmingham.

Everest, which recorded revenues of £173m in 2010, employs 810 staff across the country and is headquartered in Cuffley, Hertfordshire.
 
The company and its subsidiaries have been acquired by a special purpose vehicle ultimately majority owned by BECAP12 Fund LP, the latest fund from private equity firm Better Capital. The SPV has committed £25m to fund the acquisition and for working capital and restructuring requirements of the business.

A team from Clearwater Corporate Finance in Birmingham advised Everest on the deal.

The team comprised managing partner Phil Burns, partners Chris Smith and Rob Britton, and manager Al-Munther Sultan.    
 
Mr Smith, who led the deal team, said: “Everest is a business with a strong heritage and well-known consumer brand with a strong presence in the market. We were impressed with the speed and deliverability that Better Capital exhibited in this process to secure the deal.

“The funding they have provided will support the continued growth of the company and ability to take further market share.”