Lancashire uniform provider acquired in £12.5m deal

A Lancashire school uniform provider has been sold to an Australian Stock Market listed firm in a deal worth £12.5m.

Private Equity fund firm Elaghmore has announced the successful sale of Trutex Limited (Trutex) to Hancock & Gore (H&G). 

Trutex, one of the UK’s oldest and most respected school wear producers, joins H&G’s school wear portfolio alongside Schoolblazer UK and Mountcastle.

The deal will see the three businesses operating under the newly formed Schoolblazer Group (formerly Global Uniform Solutions), as H&G positions itself to become a leading global branded uniform provider.

H&G also plans to formally rebrand as Schoolblazer Limited.

Elaghmore initially acquired a 42 per cent stake in Trutex in February 2024, investing £2m in new equity to support the company’s international growth.

The sale marks a successful exit for Elaghmore, delivering a 1.8x return on investment in just 18 months.

Founded over 150 years ago and headquartered in Clitheroe, Trutex has built a strong global presence, with its Trutex brand established in markets including the Middle East, Canada, Europe, and China.

Matthew Easter, chief executive of Trutex will continue to lead the firm and will join the global executive team of Schoolblazer Group.

The acquisition is expected to drive significant growth, with the combined businesses projected to reach pro-forma revenues of AUS$200 million and EBITDA of AUS$25 million, benefiting from synergies and scale.

Andy Ducker, founding partner at Elaghmore, said: “Trutex is a fantastic brand with a rich heritage.

"Its integration into Schoolblazer Group opens exciting opportunities for further international expansion. We believed in the team’s vision from the outset and are proud to have supported their journey.

"Achieving a strong return in such a short timeframe is a testament to the strength of the business and its leadership. We wish Matthew and the entire Trutex team continued success.”

 Elaghmore’s investment in Trutex came from Elaghmore Fund 1A. Elaghmore Fund 1 was launched in December 2016 with an initial raise of £60m, with a further £40m raised subsequently from US investors to create Elaghmore Fund 1A.

Focused on acquiring small to mid-cap UK companies across multiple sectors, Elaghmore’s investment strategy is to use its executive team’s proven operational skills to deliver significant growth and value creation.