Everest was today sold to Better Capital PCC.
I had news a few months ago that Everest were in a bad way, but, as I have learned from previous misgivings and threats, I decided to keep quiet with this one as I couldn’t find much information to back up that rumour. But as with most rumours, there’s no smoke without fire.
I had been told that Everest had been in bad shape last year, after pretty impressive 2010 revenues of £173 million. However sales may have seen a bit of a nose dive since then, leaving the company in a less than comfortable.
As this news is quite fresh, there is very little known about the purchase itself, other than that Better Capital PCC has purchased 95% of the business, leaving 5% to some original investors.
There has been no comment yet as to whether there will be any job losses or restructuring of the business, but I’m that this sort of information will come out in due course.
Everest has obviously been bought to save the company from worse troubles, and that is clearly a good thing. But my one gripe with these sorts of purchases is that these private equity companies I don’t believe are the best types of companies to run double glazing businesses due to their lack of experience in that industry. In my eyes, for a struggling window company to get back to better times, they should be bought/run by a similar company to make sure any valuable experience and expertise can be passed on and used productively. These capital investment firms are only interested in profit, and if profit isn’t being made, they sell the business and things go down hill from there.
I have made an inquiry to try and find out some more info on the deal. If I get any more reportable information then I shall post it on here ASAP!