Menswear brand End Clothing acquired by global PE firm Apollo
End Clothing has been acquired by private equity firm Apollo Global Management as part of a recapitalisation agreement. The move aims to help the retailer reduce its debt and support future growth.
The acquisition was confirmed by CEO Parker Gunderson, who emphasised that Apollo's involvement would strengthen the company’s balance sheet and cash flow as it moves into its next phase.
Transaction snapshot
Deal value: N/A
Deal multiples: N/A
Deal type: Recapitalisation
Investors: Apollo
Apollo’s takeover sees the full exit of The Carlyle Group and co-founders Christiaan Ashworth and John Douglas Parker. Carlyle had acquired a stake in End Clothing three years ago, in a deal valuing the business at £750 million (A$1.45 billion).
Founded in 2005 in Newcastle, End Clothing initially focused on menswear before expanding into womenswear in 2021. The business is currently preparing for its 20th anniversary in 2025, with a series of marketing initiatives planned to mark the occasion.
Gunderson noted that the deal would enable reinvestment in the team and the execution of key business strategies. He reiterated the company's commitment to product curation, community engagement, and operational enhancement.
Despite challenges in recent years, including a significant drop in EBITDA, which fell by 68% to £13 million (A$25.2 million) in the year to 31 March 2023, End Clothing’s sales rose slightly from £219 million (A$424 million) to £221.1 million (A$427.8 million).
