Endless partner Tom Jack
The Manchester office of Endless, the mid-market private equity investor, has completed it’s third investment in just 10 days with the management buyout of multi-channel British luggage business Antler.
The deal marks a substantial exit for private equity house LDC, which first invested in Antler in 2010. David Sharman, chief executive officer, will continue to lead the company after the Endless buyout.
Antler has a turnover of £35m, with 280 employees based in 32 retail locations throughout the UK. North West locations include stores at Cheshire Oaks, The Lowry Outlet Mall, and Pilot Mill, Bury.
Established over 100 years ago, Antler has a proud history of British design. With operations in the UK, China and the USA, the company designs and supplies a range of luggage across two brands, Antler and Revelation.
The deal was led by Endless Manchester partner Tom Jack and investment director Richard Harrison, both of whom will join the Antler board.
Tom Jack said: “We are delighted to have invested in this iconic British brand. With fresh investment and hands-on support from Endless, we believe Antler is capable of delivering strong sales and profit growth in the future and we’re excited about the opportunities ahead.
“This is the third deal for our Manchester team in only 10 days, reflecting the strength in depth Endless has as it continues to invest in the North West deals market.”
Simon Adcock, Senior Portfolio director at LDC said: "LDC has successfully divested its majority shareholding in Antler to Endless but will retain a small minority stake, continuing our support for the business.
“This is a good outcome for all parties. Bringing an external investor on board provides management with an opportunity to deliver their ambitious growth plan and to further invest in the Antler and Revelation brands both in the UK and overseas in what remains a growing market.
“With its reputation for quality and innovation, and unique British heritage, Antler has the potential to further expand. We wish the business and management team every success under the future ownership of Endless."