Endless sells Gradus to ICG's Gerflor

Endless stated it had reaped a 65% IRR on the investment over a little more than a year – the firm backed the management buyout of Gradus from Caird Capital in September 2014.

According to Endless, this marks the third exit for its third fund, which closed on £220m in 2011. It follows the sale of incident management service FMG to listed trade buyer Redde in a deal worth £43.2m in August, just four months after Endless backed the company's MBO. Endless's third fund has so far realised a 3x return for its investors.

Meanwhile, ICG bought PVC French flooring business Gerflor from Ardian in 2011, in a deal estimated to be worth around €500m. Other minority shareholders, including Equistone and Nixen Partners, also sold their stake in the company at the time. ICG was already familiar with the business, having been invested in Gerflor since 1992 with a mix of equity and mezzanine.

The acquisition of Gradus was done through Gerflor's parent, holding company Midfloor.

Company
Macclesfield-based Gradus provides interior products and design services to commercial clients. Having originally focused on flooring, it now offers products such as floor coverings, barrier matting, lighting and wall protection. The company had a headcount of 300 and generated a turnover of £40m when Endless acquired it last year. Gradus was founded in 1966.

People
Francesco Santinon led the original Gradus deal for Endless.

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