Onward
Apollo Group Expands Portfolio with End Clothing Acquisition
End Clothing has been acquired by private equity giant Apollo, marking the end of its three-year ownership under The Carlyle Group.
This acquisition aligns with a recent agreement among the luxury streetwear retailer’s lenders and shareholders to recapitalize the business, as reported by Drapers.
Apollo was involved in financing The Carlyle Group’s purchase of a controlling interest in the brand in 2021, which placed a valuation of £750 million on the company.
Parker Gundersen, CEO of End Clothing, mentioned that Apollo’s investment will help to reduce the company’s debt, allowing it to “further strengthen [its] balance sheet and forward cash flow as we look to reach our next stage of evolution as a brand.”
He further expressed, “This transaction will allow us to reinvest in the team and execute our business plans.”
Gundersen emphasized that the firm remains focused on curating exceptional products, nurturing community connections, and enhancing operations to reinforce its position as a leading fashion destination.
For the year ending 31 March 2023, the retailer experienced a 68% drop in EBITDA, falling to £13 million, partially due to costs related to a new stock management system. Nonetheless, sales grew slightly, rising from £219 million to £221.1 million.
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