Long-established educational supplies specialist Findel has been acquired by the French group Manutan, which operates in 17 countries.
Primarily selling online but retaining a field sales force, Findel has a range of some 800,000 products produced for its brands which include Hope Education, Philip Harris, Davies Sports and EuHu. It was acquired in a management buyout from Studio Retail Group, which was backed by Endless in April 2021, following the negotiated deal to sell the business to Yorkshire Purchasing Organisation (YPO) being blocked by the CMA in June 2020.
Findel generated revenues of £115.8m with pre-tax profits of £4.67m for the year to 31 March ’23 and has around 300 employees across two locations. All staff will be retained and Findel contracts with customers and suppliers will remain unchanged.
Findel CEO 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.”
Xavivr Guichard, Manutan group owner and chairman added: “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 eCommerce solutions – with a strong focus on sustainability, providing service excellence to customers and suppliers.”
The terms of the transaction have not been revealed.
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