Endless books 5x on bathstore

The company has grown its sales by 30% and saw a £5m EBITDA improvement in two years

UK-based turnaround investor Endless has sold bathstore, a specialist bathroom retailer, as part of a management buyout led by bathstore’s chief executive Gary Favell, according to a statement.

The deal value was undisclosed, but Endless booked a 5x return on the sale, the firm said.

Endless acquired Bathstore in May 2012. Since that time the £115 million business has grown its sales by 30 percent and improved EBITDA by £5 million.

It is unclear which fund the firm originally used for this transaction. Endless is currently investing from its Fund III, a £220 million vintage that was raised in 2011.

Last month, Endless sold St Neots Packaging Limited, a £37 million turnover designer and manufacturer of packaging solutions, to Coveris, a business backed by Sun European Partners.

In April, Enact, a £7.5 million fund launched by Endless earlier this year, snapped up West Cornish Pasty Company from UK-based Gresham Private Equity.

Endless targets special situations, the acquisition of non-core businesses, investments in turnarounds, financial restructurings and challenging management buy-outs.

It can invest between £1 million and £45 million per deal and typically targets UK-headquartered businesses with turnover of between £20 million and £500 million, according to the firm’s website.