Endless, a UK-based firm, has hired Francesco Santinon as an investment director for its London team to help capitalise on growing opportunities in the UK.
“Endless has seen a real increase in the number and scale of opportunities across our business and we brought Francesco in to add a growth capital background as well,” Darren Forshaw, a partner at Endless, told Private Equity International. “We are seeing a lot of non-core opportunities out of larger groups, which are often decent businesses that are in need of some operational improvements and focus after being just a small part of the parent group previously.”
Prior to joining Endless, Santinon worked as a partner at Growth Capital Partners. Before that, he was the managing partner of Spirit Capital, where he led the spin-out from its former parent Aberdeen Asset Managers.
Although Endless, often referred to as a turnaround investor, is exploring non-core opportunities, the firm is not revising its strategy, Forshaw said. “We have a name for turnaround investing but we also have a wide ranging track record for non-core deals, which started with the acquisition of Davy Markham from TH Global in 2007. It has carried on since then.
“A number of our most successful deals have been non-core acquisitions but we just haven’t promoted it as much and are more known for turnarounds,” he added.
Endless was established in 2005, when it raised its first fund of £135 million from a high net worth individual. In February 2008, the firm held the first and final close for its £164 million Fund II. In July 2011, Endless raised its Fund III in 10 weeks, on £220 million. The generalist firm’s assets under management are in excess of £400 million. The firm typically invests in UK-headquartered businesses with a turnover of £20 million and £500 million.