Sentio Partners has advised Elaghmore Private Equity on the sale of Trutex, one of the UK’s leading schoolwear suppliers, to Australian listed investment fund Hancock & Gore.
Founded in 1865, Trutex has grown from a Lancashire fabric weaver into one of the UK’s leading schoolwear brands. The business was acquired by private equity firm Endless in 2010, who supported its turnaround, launched new product lines and brought manufacturing back to the UK through acquisition. Trutex was then sold to Elaghmore in 2014, under whose ownership it expanded internationally into the Middle East, North America and China. Today, with turnover of around £25m and more than 100 employees, Trutex is recognised as a trusted supplier to schools in the UK and internationally.
Hancock & Gore has existing operations in Australia and New Zealand and recently acquired Schoolblazer in the UK. The addition of Trutex creates the world’s largest and only truly international schoolwear group, with significant opportunities for operational and cost synergies.
A Sentio team of Rory Wade and Dave Irwin supported Elaghmore through the £12.5m transaction, navigating a particularly complex locked box and net working capital agreement as well as multi-jurisdictional due diligence and legal requirements. The team’s experience in cross-border M&A was an important factor.
Rory Wade, of Sentio Partners, commented:
“Trutex is a fantastic business with a long history and a strong reputation in the schoolwear sector. It’s been great to work alongside an amazing management team and Elaghmore and help get this transformational deal over the line. Transactions like this show the continued interest from international buyers in quality UK businesses, and we’re proud to play our part in making them happen.”
Elaghmore’s legal advisers were Walker Morris (Debbie Jackson and Evelyn Lewzey-Jackson), while Hancock & Gore were advised by Eversheds (Manchester), RSM (Sydney) and Grant Thornton Tax (UK, China and UAE).
