Education business Findel has been sold to a French ecommerce specialist - and says the move marks “the beginning of an even more exciting journey” for its 300 staff.
Hyde-based educational resources supplier Findel traces its history back to 1817. In 2021 its management team led a management buyout from previous owner Studio Retail Group in a deal backed by private equity firm Endless.
Now Findel will become part of Paris-based educational supplies group Manutan, which employs more than 2,000 people and has 28 subsidiaries in 17 European countries, with a turnover of €946m. The value of the deal was not disclosed.
Findel employs 300 across its head office in Hyde and distribution centre in Nottingham. All staff have been retained following the acquisition.
The company’s brands include Hope, GLS, Davies Sports, Philip Harris, and EuHu, with Findel offering more than 32,000 products to educators and parents based in the 海角视频 and overseas.
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.
Most Read
“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 海角视频 and international educational supplies sectors to achieve even greater success together.”
The owner and chairman of Manutan Group, Xavier Guichard, said: “Following on from our strong growth in recent years, we're delighted to be acquiring Findel, whose culture, focus on people, performance and shared values, is totally aligned with our own principles. We also share the same business model, which combines the strengths of digital technology (our e-commerce solutions) with a strong focus on sustainability, providing service excellence to customers and suppliers.”
Endless investment partner, Andy Ross, said: “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.
“At Endless, we are only ever a temporary custodian of a business, but I’m incredibly proud of what our teams have achieved over the last three years and look forward to see what they can do as part of the Manutan Group in the future.”
Findel was advised by Clearwater and Walker Morris LLP and Manutan was advised by Cripps LLP (legal) and PWC (finance and tax).
Don't miss the latest news and analysis with our regular North West newsletters - sign up here for free.