Fri, 11 Jul 2014 | DIVISION SALE
Private equity firm Endless is leading the race to season Kiddicare from Morrisons.
The supermarket announced that it was to sell the baby products retailer in March this year after it had suffered poor trading results. Sky News has since revealed that Leeds-headquartered Endless is on the brink of completing a deal to take over the business.
Bought in 2012 for £70 million, the online company provides products and accessories for babies and children. Morrisons' interest at the time stemmed largely from the need to grow its online platform and support Kiddicare's requirement for capital growth, but the supermarket chain announced that the business recorded a loss of over £160 million last year and as such was no longer a viable avenue for growth.
Endless specialises in the acquisition of non-core assets and turnaround situations. Neither company has released a statement to confirm the news but it is thought that a deal could be completed by the start of next week.
The acquisition could include the sale of all ten stores under the Kiddicare brand or it may involve the closure of some sites before the papers are signed. Furthermore, having spoken to sources close to the two companies, Sky News has said that the grocer may have to pay a “substantial dowry” to the successful bidder.
Better Capital is reported to be the major rival to Endless in the bid to secure Kiddicare from Morrisons.
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