M&A Sell-Side
Business Services
Trutex / Hancock & Gore
Sentio Partners has advised Elaghmore Private Equity on the sale of Trutex, one of the UK’s leading schoolwear suppliers, to Australian listed investment fund Hancock & Gore.
Founded in 1865, Trutex has grown from a Lancashire fabric weaver into one of the UK’s leading schoolwear brands. Today, with turnover of around GBP 25m and more than 100 employees, Trutex is recognised as a trusted supplier to schools in the UK and internationally.
Hancock & Gore has existing operations in Australia and New Zealand and recently acquired Schoolblazer in the UK. The addition of Trutex creates the world’s largest and only truly international schoolwear group, with significant opportunities for operational and cost synergies.
A Sentio team of Rory Wade and Dave Irwin supported Elaghmore through the GBP 12.5m transaction, navigating a particularly complex locked box and net working capital agreement as well as multi-jurisdictional due diligence and legal requirements. The team’s experience in cross-border M&A was an important factor.
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