Maven-, Penta-backed Endura acquired by Pentland Brands

Kenny Wastell
20 March 2018

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Scottish cycling apparel brand Endura, backed by Maven Capital Partners and Penta Capital Partners, has been acquired by trade buyer Pentland Brands, which owns sport brands including Mitre, Speedo and Canterbury.

The development comes three and a half years after the GPs took part in a funding round to support the company's international expansion plans.

Following the transaction, Endura will continue to be headquartered in Livingston and will be led by founders and directors Jim McFarlane and Pamela Barclay.

According to publicly available documents, Penta partner Steven Scott has stepped down from the board of Endura following the deal. The documents reveal that Endura increased its operating profit from £1.3m in the financial year prior to Maven and Penta's investment to £2.1m in the year ending in April 2017.

Under the vendors' tenure, Endura invested in product development and marketing, with a particular focus on sponsorships.

At the time of publication, Maven and Penta were yet to respond to requests for comment from Unquote.

Previous funding
Penta led a minority investment in Endura in October 2014, alongside Maven. Maven injected £2m in development and replacement capital as part of the deal.

Company
Headquartered in Livingston and founded in 1993, Endura is a cycling apparel brand. It is the clothing and uniform supplier to the Movistar Team cycling team. According to the aforementioned documents, Endura generated a turnover of £25.1m in the year ending in April 2017, up from £21.4m in the year prior to the GPs' investment. It has a headcount of around 130, up from 105 in 2014.

People
Penta Capital – Steven Scott (partner).
Maven Capital Partners – David Milroy (investment director).
Endura – Jim McFarlane, Pamela Barclay (founders, directors).