Victoria Plum bought out by Endless

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TPG Capital sells bathroom retailer Victoria Plum to Endless
Victoria Plum employs 300 and is based in Hull. (Supplied image)
// Endless acquires online bathroom retailer Victoria Plum from TPG Capital
// Endless says its investment will support the online bathroom retailer’s continued growth
// No jobs have been cut in this transaction

Victoria Plum has had a change of hands, with TPG Capital selling the online bathroom retailer to another private equity firm, Endless.

Endless confirmed that it acquired the entire business and issued share capital of Victoria Plum for an undisclosed sum.

It added that it would work with the existing management team to continue investing in its staff, digital and retail experience, as well as expanding Victoria Plum’s product and services offering.

Victoria Plum, which employs 300 people, has headquarters in Hull, a distribution centre in Doncaster and network of transport hubs with a national footprint.

 

A spokesperson confirmed with Retail Gazette that there will be no job cuts as a result of the transaction between TPG Capital and Endless.

The transaction was led by Endless partner Matthew Jubb and supported by David Isaacs and Linda Nguyenova from the Endless investment team.

Jubb will also join the Victoria Plum board.

The investment is the latest from Endless’ £525 million Fund IV.

“Victoria Plum is a hugely exciting acquisition for us and as a Yorkshire-based private equity house, we are thrilled with the opportunity to back a great local business and help it continue to achieve its full potential,” Jubb said.

“As an established retail brand with a well-invested infrastructure and ecommerce platform, the business has solid foundations on which to further grow and respond to robust online demand for quality and competitively priced home products.

“We look forward to working closely with Paul and the rest of the management team to deliver our shared vision for this business.”

Victoria Plum chief executive Paul McClenaghan said: “We thank TPG for their partnership over the last few years.

“Endless recognise that they have acquired a well-invested and well-managed business, with customers at our heart and key areas of differentiation.

“We believe this is a business with fantastic potential and we’re delighted to be working with Endless to accelerate our strategy for growth and continue to find ways to differentiate.

“We look forward to an exciting future together.”

Endless was advised by law firm Squire Patton Boggs while TPG was advised by Jefferies.

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