Last week, when Everest was bought by Better Capital LLP, there wasn’t much reaction from either party about the deal, or any details about the deal itself. So, I did some rooting around and found the email address of Better Capital LLP and sent a request for some further elaboration on the deal. I asked if they could give me some more details to do with the deal or at least some comment. Frankly, I didn’t expect to get anything from either company. But, on Tuesday morning, I received an email from an Everest spokesman! Their reply to my request is as follows:

An Everest spokesman said:

Everest is delighted that Better Capital LLP has acquired the company.

Better Capital focuses on providing investment capital for the acquisition and development of businesses across a wide range of sectors.

It has demonstrated significant confidence in Everest’s potential and has made a commitment to investing in its systems and infrastructure.

This transaction will mean that Everest will have a stable financial platform for growth, will be fully funded and debt free. Better Capital will work closely with the management team to help the company fulfill its potential.

Better Capital has an excellent understanding of the business and of the home improvement sector in general and will be able to bring its experience and knowledge to help Everest reach greater success. It has a track record of making capital and operational investments in its businesses, in order to create strong foundations for growth.

The Everest management team is delighted to have secured Better Capital’s investment in Everest and is looking forward to the fantastic opportunities that this new strategic partnership presents.

Clearly, Everest believe that Better Capital LLP will do a very good job with the company. The statement also makes it clear that Everest’s debts have now been paid off, and the company is in a more comfortable financial situation.

While most have problems with the way Everest goes about its selling, Mark Warren makes a point in a previous post on this subject explains that Everest being in business is good for the rest of the industry due to their size and the residual business they spread throughout the industry.

Their purchase has saved thousands of jobs and one of the biggest institutions in our industry.