Endless acquires West Cornwall Pasty Company brand and outlets

The deal is the first to be completed via the Enact fund, launched in December 2013 and structured to take advantage of the Enterprise Investment Scheme (EIS). The fund targets SMEs, specifically with 250 employees or less, and seeks to invest in companies in need of liquidity, or facing strategic or operational issues.

According to media reports, 30 WCPCo outlets not included in the deal will close, though Enact stated that 274 jobs have been saved. The GP will look to refresh the company's brand by investing in new products and developing new and existing stores.

Gresham Private Equity backed the management buyout of WCPCo in 2007, which at the time operated from 55 sites, in a deal valued at between £50-100m by unquote" data.

Enact has stated it hopes to announce further transactions imminently.

Debt
Sankaty Advisors provided debt to support the deal.

Company
Based in Long Crendon, England, WCPCo is a producer of baked goods including pasties and rolls. It was founded by Ken Cocking along with sons Gavin and Arron in 1998.

People
Chris Cormack is an investment director at Enact and will take a seat on the board at WCPCo.

Advisers
Equity – Gordons, Simon Pilling, James Cook (Legal).

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• Topics
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• Consumer
• Buyouts
• Turnaround/Special Situations
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• Endless