Endless exits James Briggs to trade

Katharine Hidalgo
02 September 2019

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Endless has sold consumer chemicals company James Briggs to trade buyer Tetrosyl.

James Briggs has been an Endless Fund III portfolio company since 2013. The vehicle closed on £220m in 2011 and made investments of between £1-44m. The fund is currently in its realisation phase, having made several exits already.

The company generated sales of £23m in 1998, which grew to just less than £50m in 2013. The company reported £49.9m in sales in 2016 and current revenues are still around that figure, according to press reports.

James Briggs reported EBITDA of £1.6m in 2016, down from £2.9m in 2015. The company generated profits of £2m in 1998.

UK-based Tetrosyl Group is a manufacturer and supplier of car care products.

Previous funding
In 1998, 3i invested £5.7m to acquire James Briggs from family ownership and took a controlling equity stake in the newco in a transaction valued at £18m. Barclays Acquisition Finance provided debt financing.

In 2004, 3i sold its stake in the company for £20.9m to US-based manufacturing company ITW in a trade sale.

In 2013, the company's management team and Endless acquired the business from ITW. The company acquired Premiere Products that year with financial backing from its parent.

Endless provided a further £2.4m capital injection for the business in 2016.

The company then sold Premiere Products to Selden Research in a deal valued at £3m in 2017. Later that year, Royal Bank of Scotland Invoice Finance renewed an existing £7.5m working capital facility to the end of September 2018.

Company
Established in 1830 and based in Oldham, James Briggs produces aerosols and chemicals for the retail, automotive and industrials sectors. It employs 300 people at two sites in Oldham.

People
Endless – Tom Jack (partner).
Tetrosyl Group – Peter Schofield (group chairman).
James Briggs – Paul Blackaby (CEO).

Advisers
Vendor – Squire Patton Boggs (legal).