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Endless acquires schoolwear supplier Trutex

Endless, an independent private equity investor, has acquired the business and assets of Trutex, one of a supplier of schoolwear in the UK.  

Trutex was in need of further equity investment to strengthen its balance sheet and provide sufficient working capital to fund its growth.
 
Endless has partnered on the transaction with HSBC, which provided a funding package for the business.
 
David Storey, the chief executive officer of Trutex, says: “With renewed financial strength and support from Endless and HSBC, Trutex now has a fantastic platform to build on its leading brand and market position in the specialist schoolwear market in the UK. We have ambitious plans to grow the business, which we can now take forward with confidence.”
 
Mathew Deering, investment director at Endless, adds: “We believe that this is a sector which offers some exciting opportunities both for organic growth and consolidation. Trutex is a well established brand with an excellent reputation for its quality, design and service. Over the past few years the business has developed strong relationships with independent retailers and schools and with the backing of Endless and HSBC we believe there is real potential to accelerate growth.”
 
Trutex is based in Clitheroe, Lancashire and sells schoolwear to over 2,000 independent UK retailers, as well as directly to schools and parents.

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