Third investment in 10 days sees Manchester’s Endless back luggage retailer Antler

The Manchester office of mid-market private equity investor Endless has completed its third investment in just 10 days with the management buyout (MBO) of luggage retailer Antler.

Chief executive officer David Sharman will continue to lead Antler following the deal, which marks a substantial exit for private equity firm LDC.

Antler employs 280 people across its London HQ and 32 UK stores, with a turnover of £35m.

The firm was founded more than 100 years ago and today has operations in the UK, US and China.

The buyout was led Tom Jack, partner at Endless’ Manchester office, alongside investment director Richard Harrison. Both have now joined the Antler board.

Mr Jack said: “We are delighted to have invested in this iconic British brand. With fresh investment and hands-on support from Endless, we believe Antler is capable of delivering strong sales and profit growth in the future and we’re excited about the opportunities ahead.

“This is the third deal for our Manchester team in only 10 days, reflecting the strength in depth Endless has as it continues to invest in the North West deals market.”

The Antler deal, the latest transaction from Endless’ £525m Fund IV, follows the investor’s recent acquisition of fleet hire business Go Plant and travel management company CTI.

Senior portfolio director at LDC, Simon Adcock, commented, “LDC has successfully divested its majority shareholding in Antler to Endless but will retain a small minority stake, continuing our support for the business.

“This is a good outcome for all parties. Bringing an external investor on board provides management with an opportunity to deliver their ambitious growth plan and to further invest in the Antler and Revelation brands both in the UK and overseas in what remains a growing market.”

He continued: “With its reputation for quality and innovation, and unique British heritage, Antler has the potential to further expand. We wish the business and management team every success under the future ownership of Endless.”

A team from law firm Addleshaw Goddard – led by corporate partner Duncan Wilson, with Katie Parker, Ben Edwards and Elizabeth Wareing – advised Endless. Tax advice was provided by EY’s Tim West, Fay Parfitt, Emma Harris and Becky Cotton.

LDC was advised by IJK Partners’ Anup Shah and DLA Piper’s James Kerrigan, Chris Wilson and Rob Sissons.