Historic school uniform company Trutex has been sold in a £12.5m deal.
Private equity firm Elaghmore has sold the Lancashire firm to Hancock & Gore Limited, a school uniform specialist listed on the Australian Stock Exchange. Trutex will join H&G’s school wear portfolio alongside Schoolblazer 海角视频 and Mountcastle, with the three businesses operating under the newly formed Schoolblazer Group as H&G positions itself to become a leading global branded uniform provider.
Elaghmore initially acquired a 42% stake in Trutex in February 2024, investing £2m in new equity to support the company’s international growth. The sale marks a 1.8x return on investment in 18 months for Elaghmore.
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Founded over 150 years ago and headquartered in Clitheroe, Trutex has built a strong global presence, with its brand established in markets including the Middle East, Canada, Europe, and China. CEO Matthew Easter will continue to lead Trutex and will join the global executive team of Schoolblazer Group.
Andy Ducker, founding partner at Elaghmore, said: “Trutex is a fantastic brand with a rich heritage. Its integration into Schoolblazer Group opens exciting opportunities for further international expansion. We believed in the team’s vision from the outset and are proud to have supported their journey.
“Achieving a strong return in such a short timeframe is a testament to the strength of the business and its leadership. We wish Matthew and the entire Trutex team continued success.”
Elaghmore’s investment in Trutex came from its Elaghmore Fund 1A., which focused on acquiring small to mid-cap 海角视频 companies across multiple sectors.