Private equity fund buys into school uniform firm

The Elaghmore private equity fund has acquired a 42 per cent stake in Clitheroe-based Trutex as the school wear manufacturer looks to expand its presence overseas.

In addition to acquiring the stake, Elaghmore is investing £2.5m of new equity into the business. At the same time, Trutex has agreed a new £18.5m refinancing facility with AURELIUS Finance Company.  

The 150-year-old company posted annual revenyes of £35m last year.

The new investment and finance facility will support Trutex’s UK and overseas expansion. Outside of its presence in the UK, Trutex has operations in Dubai and is looking to grow its presence in China and Saudi Arabia.

Matthew Easter, group CEO of Trutex, said: "The investment by Elaghmore and the new finance facility will support our ambitious growth plans. Trutex is a great brand that has performed strongly over recent years, as schools and parents recognise the importance of style and durability when it comes to school uniforms.

"We are already the market leader in the UK supplying thousands of schools, and there are substantial opportunities to take our heritage and expertise to new international markets in Asia and the Middle East, particularly."