Carlyle Group to acquire End Clothing

According to Mergermarket, the sale process kicked off in November last year but was paused briefly in January due to business disruptions. PE firms that were also eyeing the company included Cinven and General Atlantic, the report said.  

Sky News reported in November that End founders were seeking a £700m valuation for the company. 

The GP is deploying equity from Carlyle Europe Partners V, a €6.4bn fund investing in European opportunities, and Carlyle Asia Partners V, a $6.6bn fund focused on buyout and strategic investments in the Asia-Pacific region.

End's founders, Christiaan Ashworth and John Parker, will retain a significant minority stake and remain co-CEOs of the company. Index Ventures, a minority stake owner since 2014, will fully exit. The transaction will close on 1 April 2021.

Company
Founded in 2005 and headquartered in Newcastle, End is a retailer of clothing and footwear. The company partners with 500 designers and brands, and operates via an online platform, mobile apps and physical stores.

The company has 650 staff in the UK and ships to 100 countries worldwide. In 2020, it generated revenues
of £170m and EBITDA of £33.1m. 

People 
End Clothing – Christiaan Ashworth, John Parker, (co-founders, co-CEOs).
Carlyle Group – Massimiliano Caraffa, Patrick Siewert (managing directors). 

Advisers 
Equity – Morgan Stanley (M&A); RBC (M&A); Latham & Watkins (legal).
Vendor – Goldman Sachs (M&A); Womble Bond Dickinson (legal).

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