Endless takes 50% stake in Andrew Page

Harriet Bailey
15 May 2014

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Endless has taken a 50% stake in car parts supplier Andrew Page in a restructuring deal with existing investor Phoenix Equity Partners, which retains the remaining 50% stake.

Phoenix took a majority stake in the business in March 2010 for an undisclosed sum.

Local media reports suggest the new partnership plans to grow Andrew Page from its current 93 branches to around 150, through both organic growth and acquisitions.

The fresh capital will also be used to invest in its Markham Vale distribution centre in Derbyshire, where they intend to relocate Andrew Page's £12m internet business APS. Endless's investment will also go towards upgrading the firm's IT and telephone systems and adding new products to the company's range.

In February, non-trading holding companies OldCo1 and OldCo2 were placed into administration as part of a restructuring of Andrew Page Holdings.

Previous funding
Phoenix acquired a majority stake in Andrew Page in March 2010, in a deal that valued the company at £100m. Owner Andrew Page held the remaining stake, while debt for the transaction was provided by HSBC, Lloyds TSB and RBS.

In August 2012, Phoenix provided a further capital injection to enable the company to purchase Camberley Auto Factors.

Company
Headquartered in Leeds, Andrew Page is a distributor of automotive parts, operating from 93 sites across the UK. The company was founded in 1946 and currently employs in excess of 2,000 staff. The car parts supplier saw a 10% increase in trading in March this year compared to the previous three months.

People
Jim Sumner is the new chairman of Andrew Page.