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21 July 2006
Endless LLP acquires Peter Black Holdings Limited
Endless LLP (“Endless”) is pleased to announce that, in conjunction with the senior management team, it has acquired Peter Black Holdings Limited (the “Company” or “PBH”), a leader in product design, development, sourcing and logistics for premier UK and European retailing groups in the Personal Care and Footwear, Accessories and Gifts markets, in an institutionally led management buyout.
The transaction, to be effected through the new parent company Peter Black International Limited, will include all four trading divisions – Peter Black Footwear & Accessories Limited, PB Logistics Limited, PB Beauty Limited and the Italian footwear business Lenci Calzature SpA.
The existing senior management, led by Gordon Black, Chairman, and Stephen Lister, Group Chief Executive, will continue to take the business forward. PBH achieved turnover of £223 million in the year ended 31 January 2006.
Since it began trading in the 1940s, the Peter Black group has progressively built its reputation as one of the UK’s leading suppliers to the non-food retail sector. The Company has adapted to changing economic circumstances, evolving to become a significant design, development and sourcing operation for major UK retailers.
Darren Forshaw, the Endless Partner who led the transaction, commented: “We are delighted to have completed this transaction, which lays a strong foundation for the future growth and prosperity of the Peter Black group, one of Yorkshire’s most recognised businesses. We were attracted to the opportunity by the group’s creditable profit record across all of its divisions despite the pressures that suppliers to retailers have experienced in the recent past. Peter Black has an excellent management team led by Gordon and Stephen and we look forward to working closely with them to develop the group over the coming years.” This acquisition represents the largest transaction Endless has been involved in since its formation in December 2005.
Gordon Black said: “Peter Black has long been a great business. The new ownership structure will provide an ideal platform for implementing the future growth plans developed for the group with Endless. We are extremely pleased that Endless has provided such significant support to the group and their style and approach has been first class. From our original roots in Yorkshire we are now a global business and the future opportunities for our group are exciting and substantial.”
Stephen Lister added: “We very much look forward to working with our suppliers and staff worldwide and other stakeholders in achieving our clear strategic vision. Above all we will continue to work as hard as ever to deliver the high standards of quality, service and innovation to our customers that they have long associated with the name Peter Black.”
The law firm Walker Morris acted for Endless and Peter Black International Limited, with Peter Smart and Sarah Wilson advising. Management was advised by law firm Gordons (John Holden and James Fawcett). Acquisition finance and working capital facilities were provided by HSBC Bank plc (Stuart Gray and Phil Hawker) and Lloyds TSB Bank plc (Andrew Foster and Jonathan Thompson). Financial and commercial due diligence was undertaken by KPMG (Alison Legg). On the sell-side Riverhill Partners and Eversheds provided financial and legal advice respectively.
Darren Forshaw added: “We could not have achieved this transaction in the timeframe without the outstanding work done by all of the professional advisers and the constructive approach of both HSBC and Lloyds.”
Further information:
Endless LLP
Peter Black International Limited
Capital MS&L
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Peter Curtain / Daniela Fleischmann
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+44 (0) 20 7307 5330
+44 (0) 7733 301 707
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