ENDLESS has made its third exit in five months from its £220m Fund III, after selling North West business Gradus.
The Leeds-based private equity house closed its third fund in April, after four years, and has now exited four of its 11 announced investments.
It has sold interiors business Gradus to the owner of French flooring business Gerflor, after backing an MBO of the £40m-turnover business in September 2014.
Although it has not disclosed the sale value, it has said it generated a 65% internal rate of return (IRR) for its investors. The other exits from Fund III were Kiddicare, Bathstore and FMG.
Gradus is headquartered in Macclesfield and employs more than 300 people. It was founded more than 50 years ago as a flooring business and now provides commercial interior solutions. Its new owner is Midfloor SAS, which is backed by private equity group Intermediate Capital Group.
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