Manchester-based educational resources supplier Findel has been acquired by French ecommerce leader Manutan for an undisclosed sum.
The Paris-based buyer employs over 2,000 people across 28 susidiaries and 17 countries, including the UK, with a turnover of almost €1bn. It already specialises in educational supplies among several other B2B sectors.
Findel, whose brands include Hope, GLS, Davies Sports, Philip Harris, and EuHu, made pre-tax profits of £4.67m on total turnover of £115.8m in the financial year to March 2023 with EBITDA of £10.3m. It employs around 300 people ans also has a distribution centre in Nottingham.
The company’s current leadership team undertook a management buyout (MBO) of Findel from Studio Retail Group in April 2021, valued at £30m. The deal was backed by Leeds-based private equity firm Endless
In June 2020, a deal to sell the business for a reported £50m to the local authority-backed Yorkshire Purchasing Organisation (YPO) was blocked by the Competition and Markets Authority (CMA).
Findel chief executive Chris Mahady said: “Over the past three years, Findel has undergone a business transformation thanks to the incredible work and dedication of our people and the support of Endless.
“Our acquisition by Manutan marks the end of that journey and the beginning of an even more exciting one. Like Findel, at the heart of Manutan are values and a positive culture that guides everything they do along with an unwavering commitment to sustainability.
“This gives Findel a long-term sustainable home for the future which ultimately solidifies our position and will help us to continue to develop an even stronger customer proposition.”
He added: “In addition, Manutan’s leadership believes in fostering learning environments that inspire growth and innovation, so we are perfectly aligned.
“By joining forces, we will leverage our combined strengths in the UK and international educational supplies sectors to achieve even greater success together.”
All of Findel’s staff have been retained following the acquisition and all commercial arrangements with customers and suppliers remain unchanged.
Endless investment partner, Andrew Ross, added: “It has been an absolute pleasure working closely with Chris and the entire team at Findel. Working with a team who cares so passionately about what they do and, importantly, how they do it, was a real privilege. Our role in this partnership was to provide guidance and support to the management team to help them unlock the huge latent potential in the business.”
