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Endless promotes four to partner

The appointments follow the recent closing of the turnaround specialist’s fourth fund on £525m

Leeds-based turnaround specialist Endless has appointed four new partners, effective as of 1 May 2015, according to a statement from the firm.

Chris Clegg, Mathew Deering, Aidan Robson and James Woolley have been at Endless since the firm was founded in 2005. Following these appointments Endless will have six partners, including co-founders Garry Wilson and Darren Forshaw.

Clegg, who recently completed the acquisition of Yorkshire-based business Adare Group, will lead the firm’s operations in Yorkshire and the North East from its Leeds office. Deering will continue to lead the firm’s activities in the North West from its Manchester office, having recently completed the acquisition of fleet management business FMG and the take private of business supplies provider office2office.

Robson, who has been working with the management team at portfolio company Karro Foods, which the firm acquired in January 2013, will remain at Endless’s London office, while Woolley will become partner in charge of portfolio based in the Leeds office.

The appointments follow the recent close of the turnaround specialist’s fourth fund on £525 million (€664 million; $823 million). Endless held a first and final close on the vehicle in December 2014 after just four months in market, substantially in excess of its initial target of £400 million (€506 million; $627 million).

“The raising of Endless Fund IV has enabled us to bring our friends and colleagues on board as co-owners of the Endless business,” Wilson and Forshaw said in a statement. “This gives us an even stronger platform for growth and will help ensure that Endless continues to deliver top decile returns for our investors.”

The Endless team was the largest investor in Fund IV.

“When we’re sat at investment committee, knowing that the people around that table are going to have to write some sizeable cheques is a very good investment discipline,” Wilson told PEI earlier this year. “Sometimes we do get it wrong, [and] when we get it wrong I can say to our LPs ‘If it makes you feel any better, we lost more money than you did.’”