Client case study
Antler Luggage (Antler) is the UK’s oldest luggage brand, holding the #2 position in the UK market with a reputation for high quality, well designed products at affordable prices.
Endless Private Equity acquired Antler in 2017 after a period of heavy losses under previous ownership. Antler made an underlying earnings improvement of £4m by 2020.
In September 2019, Endless private equity and the wider shareholders of Antler appointed Rickitt Mitchell to lead a sale process of the business.
Rapid completion of a detailed and comprehensive information memorandum, highlighting key strategic benefits an acquirer would gain from the acquisition.
We led an accelerated and well structured process with only 12 weeks from the point of engagement to exclusivity.
A wide ranging international sale process was instigated, which involved interest from private equity and trade buyers. Individual bids were received from parties in the UK, Australia, USA, Canada, India and China.
“The Rickitt Mitchell team worked tirelessly through a challenging international process, demonstrating a high level of professionalism and dedication. Thanks for all your efforts.”Mark Hall, Executive Chairman and Shareholder
The process resulted in the sale of Antler to Strandbags, the largest retailer of luggage and associated accessories in Australia and New Zealand.
The deal saw all shareholders cash out 100% in full on day-1 of the transaction, with the new owners agreeing to take on the pre-existing 3rd party debt within Antler.
The future of the brand and its workforce were secured by a buyer keen to invest in the international growth of the business.
12 Week Accelerated Process
#2 Luggage Brand in the UK
100% Cash out day-1