PRIVATE equity firm Endless has taken a 50 per cent stake in Andrew Page as part of a restructuring of the vehicle parts distributor’s finances.
The Leeds-based firm has teamed up with Phoenix Equity Partners, which took a majority stake in Andrew Page in 2010, to turn around the fortunes of the business.
Both firms have invested an undisclosed sum into the Leeds based firm, whose non-trading companies went into administration in February this year.
Endless’s involvement came to light after administrators PwC sent their administrator’s statement of proposals to creditors. PwC’s report says that Endless acquired the group’s existing secured bank debt.
Since then, the senior management team has been boosted with new appointments including chairman Jim Sumner, the man who led turnarounds at busmaker Optare and Leyland Trucks.
Endless and Phoenix plan to grow Andrew Page from 93 branches to around 150. Future investments include upgrading the firm’s IT and telephone systems. They will also invest in its Markham Vale distribution centre in Derbyshire, including a new mezzanine level and the relocation of its internet business, APS, from Leeds to Markham Vale. Mr Sumner said there would not be any redundancies.