Everest Limited bought by Better Capital LLP
Better Capital LLP the venture capital organisation known for turnarounds of ailing companies has announced on its web site that it has purchased Everest, here’s what their web site says;-
BECAP12 Fund LP (“Fund II”) has completed its first acquisition, that of Everest Limited (“Everest”) and its subsidiary companies by a special purpose vehicle ultimately owned by Fund II.
Everest is a leading consumer brand in the manufacture, installation and supply of PVCu and aluminium windows and doors, conservatories, roofline products, garage doors, security systems, kitchens, driveways and other home improvement products.
Everest Limited revenues for the year to 31 October 2010 were £173 million.
Fund II has committed £25 million to finance the acquisition and to fund the working capital and restructuring requirements.
Nick Sanders and Peter Williamson will join the board of Everest.
So someone considers the industry worth investing into, but I suspect in todays market place it was at a favourable price!
So is this a sign of positive inward investment and the start of many companies changing hands or yet another sign that times are really tough and that many companies are heading towards challenging times?
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