Caird exits Gradus in Endless-backed MBO

Following the transaction, Gradus will expand its product range for the UK and international markets.

Endless stated it was attracted to the deal by Gradus’s strong performance throughout the recession.

Previous funding
In 2001, Close Brothers Private Equity (CBPE) led the management buyout of the company in a deal valued at £32m, according to unquote" data. At the time, the company generated a turnover of £34.5m.

Six years later, Caird (then Bank of Scotland Integrated Finance) backed the secondary management buyout of Gradus, providing a £2m equity investment for a minority stake in the company alongside debt of £42m. The exit generated a 3.1x return for CBPE and an IRR of 28%.

Company
Macclesfield-based Gradus provides interior products and design services to commercial clients across sectors including education, healthcare, retail, leisure and hospitality. The company has a headcount of 300 and generates a turnover of £40m. Gradus was founded in 1966.

People
Steve Watt is CEO of Gradus. Francesco Santinon, a director at Endless, led the deal.

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• Topics
• Exits
• Industrials
• UK / Ireland
• United Kingdom
• Endless
• Caird Capital