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.