Private equity firm Endless has funded a management buyout of Harrogate-based shopping channel retailer High Street TV.
High Street TV was formerly backed by a number of private investors, including Gordon Black, former chairman of Peter Black Holdings.
Founding executives Andrew Malcher and Jim Coleman led the buyout. The value of the deal has not been disclosed.
Since launching in 2008, High Street TV has grown rapidly into a multi-channel business with sales of £70m and earnings of £10m this year.
It is best known for introducing popular juicer Nutribullet into the UK market. As well as TV, online and print sales, High Street TV has licensed products in 4,500 sites with 35 retail groups, including Asda, Argos, John Lewis and Selfridges.
The business now plans to expand globally and build on its product development resources.
Executive chairman Mr Malcher said: “Following our rapid growth in sales and profitability, we are extremely proud to have agreed backing to assist HSTV in maximising its potential.
“Endless provide us with tremendous experience and financial resource that will enable us to develop into a substantial Global business.”
Garry Wilson, partner at Endless, added: “Andrew and Jim are two remarkable entrepreneurs who have built an incredible business under the tutelage of Gordon Black CBE and surrounded themselves with a great team in Harrogate.
“We are delighted to invest alongside Andrew, Jim and the wider management team as we believe that High Street TV has the potential for even greater growth in the next few years.”
Eversheds and KPMG advised Endless on the transaction, while Sentio, Walker Morris and Squire Patton Boggs supported High Street TV.