Bathstore acquired by Endless
Private equity firm Endless has acquired bathroom fittings retailer Bathstore from Wolseley for £15 million cash payable over five years.
Endless will also invest £11 million of new capital into Bathstore, which will be used to develop the store estate and to drive the e-commerce offering.
Bathstore, which employs 500 people at 169 stores across the UK, generated revenue of £66 million in the nine months to 30 April 2012. The associated assets were £7 million at 31 January 2012 and the results of the business were classified as 'held for sale' in the half year results.
Garry Wilson, managing partner at Endless, said: "Bathstore is a great retail brand with a strong market position.
"Fresh investment and a new status as an independent company will enable the business to focus on its future growth potential."
Steve Ashmore, managing director of Wolseley UK added: "Wolseley has taken a strategic view in deciding to sell Bathstore.
"We believe it is a positive move for Bathstore and its employees and offers the best way forward for them, with an owner that is fully focused on the high street retail market. It is also a positive move for Wolseley going forward as we can concentrate entirely on our core businesses."
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