Acquired by

Antler, world leading luggage brand sold to Strandbags

- Exit deal

- February 2020

- Value: Undisclosed

Accelerated process with 12 weeks from initial engagement to exclusivity

Bids received from private equity and trade, including from the UK, Australia, USA, Canada, India and China

The sale helped secure the future of the Antler brand and its workforce

Client Background

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.

Outcome

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.

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"The Rickitt Mitchell team worked tirelessly through a challenging international process, demonstrating a high level of professionalism and dedication. Thanks for all your efforts".

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