Private equity investor Endless has acquired bathroom products firm Victoria Plum from TPG Capital.
Victoria Plum, which trades exclusively online as VictoriaPlum.com and was founded in 2001, provides a range of predominantly own-branded bathroom products, including bathroom suites, bathroom furniture and accessories. The business employs more than 300 people at its head office in Hull, distribution centre in Doncaster and network of transport hubs with a national footprint.
Endless has acquired the entire issued share capital of the business for an undisclosed sum and will work with the management team to continue investing in its people, digital and retail operations, as well as expanding its product and services offering.
The transaction was led by Leeds-based Endless partner Matthew Jubb, supported by David Isaacs and Linda Nguyenova from the Endless investment team. Matthew Jubb will also join the Victoria Plum board. The investment is the latest from Endless’ £525m Fund IV.
Matthew Jubb, Partner at Endless LLP in Leeds, said: “Victoria Plum is a hugely exciting acquisition for us and as a Yorkshire-based private equity house, we are thrilled with the opportunity to back a great local business and help it continue to achieve its full potential.
“As an established retail brand with a well-invested infrastructure and e-commerce platform, the business has solid foundations on which to further grow and respond to robust online demand for quality and competitively priced home products.
“We look forward to working closely with Paul and the rest of the management team to deliver our shared vision for this business.”
“We thank TPG for their partnership over the last few years,” said Paul McClenaghan, CEO of Victoria Plum. “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 continue to find ways to differentiate. We look forward to an exciting future together.”
Endless was advised by law firm Squire Patton Boggs, led by partner Jonathan Jones, supported by Mae Salem and Guy Ruddy. Tax advice was provided by Tom Klouda and Matthew Wilson of Grant Thornton. TPG were advised by Simon Brown and Dean Schneider of Jefferies. Vendor assist was provided by PwC (financial and tax), Pragma (commercial) and Cleary Gottlieb Steen & Hamilton (legal).