Endless, a UK small buyout and turnaround firm, has backed STP Group, one of the UK’s largest manufacturers and distributors of timber, with an investment of £6.4 million for an undisclosed stake.
It is Endless’ second investment this month in the North West of England following its earlier acquisition of Lancashire Chemicals.
Based at New Mills in Derbyshire, the business generates annual turnover of £23 million and employs a workforce of more than 200. STP offers a distribution service with depots strategically located in Manchester, Leeds and Bristol. This primarily serves the joinery and building trades.
Warwick Ley, head of the Manchester office of Endless, said: “Building products has been a successful area for us and this is our third investment in the sector, after Neville Johnson Furniture and Speed Frame.”
The investment by Endless was supported by working capital facilities from Five Arrows Commercial Finance. Advisers who have worked with Endless and management on the acquisition included Eversheds, Walker Morris, TMG and Ernst & Young.
Endless has also opened in Ireland. Two senior advisers, John Kernohan and Richard Gillan, have been appointed to invest initially in Northern Ireland.
The second phase of the expansion into Ireland will be to target the Dublin advisory and investment community.
Kernohan previously worked for 3i. In 2004 he returned to Ireland and, together with Richard Gillan, led the management buyout of a local manufacturing company, which they exited in May this year.
Gillan trained as a chartered accountant with PricewaterhouseCoopers, before joining Deloitte, working in London, Luxembourg and Johannesburg offices.