Endless sells St Neots to Sun Capital’s Coveris

The deal follows a six-year holding period for Endless, which supported the MBO of St Neots in April 2008. According to unquote" data, Endless invested via its £164m Endless Fund II vehicle for a minority stake in the business.

In 2008, Grant Thornton had arranged a structured process for the management and approached Endless with the offer, according to unquote" data. HSBC provided a debt package for the deal.

Under Endless's ownership, St Neots' revenues have increased by 75%, according to the firm.

Coveris is a Chicago-based plastic packaging company. Sun Capital backed the company in July 2005. The acquisition of St Neots bolsters the revenues of Coveris's UK food and consumer division to £400m with a staff base totalling 2,000 with 16 sites.

Company
Founded in 1994 and headquartered in Cambridgeshire, St Neots produces cartonboard packaging for the food service and food retail sectors, such as supermarkets and caterers. Products include fast food containers, sandwich packaging and disposable coffee cups.

The company generated £37m in turnover last year and employs 200 staff across its UK and Hong Kong offices. At the time of Endless's investment, the company recorded £19m in turnover and employed 100 staff.

People
Andy Ducker is the chairman of St Neots. Mark Lapping is the president of Coveris's UK food and consumer division. Ian Plumb is a portfolio director at Endless.

Advisers
Vendor – Livingstone Partners (Corporate finance); Walker Morris (Legal).
Acquirer – DLA Piper (Legal).

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