Moulton’s new Better fund snaps up Everest

 
Marion Dakers
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”.