Endless acquires outdoor furniture retailer Moda Furnishings
The Manchester office of Endless, a mid-market private equity investor, has completed the acquisition of UK independent omni-channel outdoor furniture retailer Moda Furnishings.
Headquartered in Manchester, Moda Furnishings was established in 2014 and has grown rapidly in sales and profitability in that time.
It provides a comprehensive range of premium rattan garden furniture through its website (www.modafurnishings.co.uk) and its two showrooms in Manchester and Caterham, Surrey.
The business offers a unique, modular range of designs with an exceptional reputation for customer service and quality of product. The business is operated by Jonathan Brierley and Vallan McCarthy who will continue to lead the business and drive its growth plans with Endless’ backing.
The deal was led by Endless Manchester Partner Mathew Deering and Associate Director James Warburton.
Mathew Deering says: “Moda has quickly grown into a market-leading business with high quality, premium products and a commitment to superb service with 5 star ratings on Trustpilot. Endless was able to offer shareholders a rapid, highly deliverable transaction despite the ongoing economic and political environment caused by Brexit – closing the deal only four weeks from agreeing outline terms.
“We believe this is a business with fantastic potential and we’re delighted to be able to support Jonathan and Vallan on the next stage of their journey.”
Jonathan Brierley says: “We are extremely excited to be partnering with Endless as Moda enters into its next phase of growth.” Vallan McCarthy adds: “We were very impressed by Endless’ strong track record of taking its portfolio companies to the next level and see the value that its support will add to the business moving forward.”
The investment is the latest from Endless’ GBP525 million Fund IV and follows previous retail investments such as American Golf, The Book People and The Works, which was listed on the London Stock Exchange in July 2018.
Endless was advised by law firm DLA, led by partner Andy Phillips together with Helen Tsang, Hannah Jones and Charlotte Hampson. Tax advice was provided by Steven Heath and Zak Hawley at KPMG. Commercial due diligence was provided by Kin and Carta (Tim Roach), while Deloitte (Olly Tebbutt, Anil Gupta, Chiara Pettinicchio) provided valuation and debt advisory services to Endless.
The deal was originated by Convex Capital who provided corporate finance advice to the vendors. The Convex team included Chief Operating Officer Neil Worsley and Isaac Asamoah. Legal advice to the vendors was provided by Manchester law firm Freeman Fisher, led by partner Gary Black together with Daniel Rodgerson and Melissa O’Brien.