Endura moves up a gear with Maven funding
Maven client funds have provided development and replacement capital to Endura, as part of an investor syndicate led by Penta Capital LLP (Penta). Scottish headquartered Endura was established in 1992 by Jim McFarlane to provide a range of innovative, high performance cycle clothing with dependable functionality at an affordable price. The business has developed into a fast growing designer and manufacturer of a range of cycling apparel (clothing, eyewear, luggage and helmets) that caters for all the key cycling categories - mountain, road, race, performance, leisure and commute.
The Company’s products are sold in over 30 countries primarily via 3,000 Independent Bike Dealers and Endura is now the largest cycle specific brand in the UK market. Endura has a high profile in the major biking magazines and has become the official clothing sponsor to the Movistar Team, the number one ranked team in the UCI World Tour. Jim has assembled a capable and ambitious team to help scale the business and management have a well-defined strategy for further internationalising the business and building the Endura brand. Funding provided by the syndicate will support these activities.
Maven has previously invested alongside Penta in three successful transactions, having invested as part of a syndicate in the 2010 acquisition of leading online insurance provider esure from Lloyds Banking Group, which subsequently undertook a successful IPO, the 2011 buy-and-build Telecom Services platform Six Degrees Group, and the 2013 buy-and-build acquisition vehicle Global Risk Partners focused on the Lloyd's insurance market.
David Milroy, Investment Director at Maven said: “Jim’s team have created an exciting global brand by understanding and meeting the cyclist’s needs; marrying product innovation with high-profile elite athlete sponsorship; and honing a differentiated sales model that truly aligns the interests of Company and bike dealership. The opportunity for further international expansion is significant and we are delighted to be part of the syndicate backing the Endura team."