Endless takes Victoria Plum
Endless has acquired the entire share capital of online bathroom specialist Victoria Plum from TPG. Victoria Plum has a team of over 300 staff and its board will be strengthened by the addition of Endless partner Matthew Jubb. Jubb commented: "Victoria Plum is a hugely exciting acquisition for us and as a Yorkshire-baed private equity house, we are thrilled with the opportunity to back a great local business and help it continue to achieve its full potential.
Paul McClenaghan, CEO of Victoria Plum said: "We thank TPG for their partnership over the last few years. Endless recognise that they have acquired a well-invested and well-managed business, with customers at our heart and key areas of differentiation. We believe this is a business with fantastic potential and we're delighted to be working with Endless to accelerate our strategy for growth and to continue to find ways to differentiate. We look forward to an exciting future together."
TPG had been seeking a buyer since July. It had paid an estimated £200m for the business in 2014 and according to market watchers it had considered offers as low as £10m during the sale process. The financial details of the actual deal have not been revealed but in its last accounts (2018) Victoria Plum had acheived a profit of £0.2m on annual sales of £63m following earlier losses.