Private equity house, Endless LLP, has provided a significant capital injection to the UK’s market-leading designer and manufacturer of premium timber conservatories, Amdega Limited (“Amdega”).
Established in 1874, Amdega is the world’s oldest conservatory company, and supplies quality, bespoke conservatories, orangeries, summerhouses, gazebos and pool houses to both the consumer and hotel markets. The business, whose clients include Gleneagles and luxury hotel and resort operator, Four Seasons, has an annual turnover of nearly £20 million and employs 220 people from its base in Faverdale, Darlington. It also exports to the USA and continental Europe.
The investment from Endless will be used to provide additional working capital for the business and support the ongoing development of Amdega. Endless worked on the deal alongside HSBC, who have also provided funding.
The investment represents the tenth deal from Endless LLP’s highly successful Fund II, and adds to the firm’s strong track record of backing well-known British brands in the home improvement and building products sector, such as Crown Paints and Neville Johnson.
Aidan Robson, investment director at Endless LLP, said: “This fresh investment marks a significant point in Amdega’s long and illustrious history, and will provide the business with the capital to implement a series of strategic development and improvement initiatives.”
Steve Sutherland, chairman of UK building facade contractor, Dortech Architectural Systems, joins Amdega as executive chairman. Alongside a strong track record in the building products industry, Steve previously worked with Endless as the former chairman of bespoke fitted furniture retailer, Neville Johnson, which the firm exited in 2008 as one of its most successful investments to date.
Steve Sutherland said: “Amdega is a great British brand with a proud, 135-year heritage in the premium timber conservatory market. This investment from Endless will play a key role in allowing the management team and I to build on its longstanding position as a market leader in the industry.”
Warwick Ley, partner at Endless, added: “Whilst sector conditions are tough, Amdega occupies an enviable brand position in its market. With numerous improvement initiatives to pursue, we are very excited about the long-term prospects for the business. The investment is in line with our strategy to back the UK manufacturing industry and, in particular, British heritage brands with strong growth potential.”
The deal team from Endless LLP comprised Warwick Ley, Aidan Robson, Chris Clegg, Lucia Villamor and Ian Plumb. A team from the Manchester office of Addleshaw Goddard – Jim Tully, Richard Robinson, Alison Martin, Mark Curle and Garry Elliott – advised Endless on the investment. The Manchester office of Cobbetts – Sean Fitzgerald and Paul Kelly – advised Amdega.