Elaghmore acquires Kesslers from Endless

The deal brings to an end a holding period of just 19 months for the vendor, and marks a divestment for its SME-focused Enact fund.

Under its new owners, Kesslers will undertake a pan-European international growth strategy and expand its product range into new market segments.

The acquisition is the second investment made by Elaghmore's maiden fund, which held a first and final close on £60m in December 2016 after just three months on the road. The vehicle typically writes equity cheques ranging from £5-10m.

Elaghmore made its first investment with capital drawn from its institutionally backed fund in December 2016, when it acquired UK-based automotive components business SB Components.

Previous funding
Endless wholly acquired Kesslers in March 2016. Financial details of the transaction were undisclosed, though the Enact vehicle invests up to £5m per transaction.

Company
Established in 1893, Kesslers designs and manufacturers retail displays and merchandising display units. Its main services include design, engineering, manufacturing, installation and project management.

The business operates from a manufacturing facility based in Stratford, London. Previous clients include Mars Chocolate, Giorgio Armani, Ralph Lauren and Volkswagen. It has a headcount of around 200.

People
Elaghmore Partners – David Morley (chairperson); David Manning, Andy Ducker, Greg Koral (partners).
Endless – Chris Cormack (investment director).

Advisers
Equity – Mills & Reeve (legal); EY (corporate finance).
Vendor – Gordons (legal); Tax Advisory Partnership (tax).

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