LDC sells Antler to Endless

The acquirer drew capital from Endless Fund IV, a £525m vehicle that held its first and final close in December 2014.

The transaction will see the luggage company coming under private equity ownership for the fourth consecutive period. It was also previously backed by Royal Bank Development Capital (RBDC) and Equistone.

As part of the deal, Endless partner Tom Jack will take a seat on the Antler board.

The transaction is Endless's fourth deal in the space of two weeks, having recently acquired business travel agent CTI and pet food retailer Kennelpack, as well as supporting portfolio company Essential Fleet in its bolt-on of Go Plant. It is the ninth deal completed by Endless in 2017.

A spokesperson for LDC declined to comment.

Previous funding
Antler first came under private equity ownership in August 1999, when RBDC invested £20m in the £46m management buyout of the company.

Equistone acquired a majority stake in the business from RBDC five years later in a deal valued at £44m.

LDC acquired Antler for an undisclosed amount from Equistone in May 2010.

Company
Headquartered in London and founded in 1866, Antler is a manufacturer and retailer of luggage. It manufactures under the Antler and Revelation brands.

The company currently generates revenues of £35m, according to a statement issued by the acquirer. It has a headcount of 280 with additional operations in China and the US.

People
Endless – Darren Forshaw (senior partner); Tom Jack (partner).

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