Better Capital has taken a 95% stake in UK double-glazing firm Everest, in a deal worth GBP 25 million. Everest specializes in the manufacture, installation and supply of PVCu and aluminium windows and doors, conservatories, garage doors, kitchens, driveways and other home improvement products.
UK double-glazing firm Everest, based in Hertfordshire, has been sold to Better Capital in a deal worth GBP 25 million. Better has taken a 95% stake in Everest and its subsidiary companies, with 5% being retained by former funders.
Better has committed GBP 25 million to finance the acquisition and to fund Everest’s working capital and restructuring requirements. The investor, which was launched by venture capitalist Jon Moulton in 2010, has taken stakes in firms including housing group Connaught, boat maker Fairline and Reader’s Digest since it was founded in 2010. Everest, which was controlled by Cheshire businessman and Sale Sharks owner Brian Kennedy, was first reported to be in difficulty in December last year. Kennedy bought the firm from Caradon in 1999 and was a 42% shareholder in Everest’s ultimate parent company, Home Improvement Group Holdings.
Everest specializes in the manufacture, installation and supply of PVCu and aluminium windows and doors, conservatories, garage doors, kitchens, driveways and other home improvement products.