VENTURE capitalist Jon Moulton’s new turnaround fund has chosen window specialist Everest as its maiden acquisition.
The Better Capital 2012 Fund has pledged £25m to buy the firm and finance its restructuring, it said in a statement.
Everest generated revenues of £173m in 2010 but has since endured difficult trading conditions, Better said. The company employs more than 900 people.
The fund will take a 95 per cent stake in the group, while some funders retain a five per cent holding.
Better Capital, which Moulton launched in 2010, has snapped up stakes in a string of troubled firms including Reader’s Digest, housing group Connaught and boat maker Fairline.
Its second London-listed fund closed in January with around £166m to spend. It aims to buy up businesses and force through “energetic implementation of critical actions to return [the firm] to profitability”.