Hutton Collins Announces investment in Everest

Hutton Collins & Company is pleased to announce that on 4th September 2007 it acquired a significant minority stake in Everest Limited (“Everest”), a leading direct retailer of home improvement products in the UK. Hutton Collins acquired its stake from individual exiting shareholders, Bank of Scotland and the majority shareholder, Brian Kennedy.

Everest is one of the UK’s leading and most recognized home improvement companies. Everest is best known for its replacement windows and doors. In recent years Everest has successfully diversified its product range and today supplies and fits replacement windows and doors, fitted kitchens, conservatories, flat roofs, roofline (guttering and cladding), garage doors, driveways, patios and home security products.

The Company reported turnover of £140 million and operating profit of £16 million in the year to October 2006. The Company employs around 900 people and works with a further 1,500 sales agents and installers and is based in Cuffley, Hertfordshire.

Simon Jarman, Managing Director of Everest, commented:

“We are delighted to have concluded this deal and we welcome Hutton Collins as a new shareholder with the experience and resources to support our ambitious future growth plans. In addition, the existing management team have increased their stake significantly, underlining our commitment to the business and confidence in its future prospects. It is our ambition to make Everest the UK’s leading home improvement business and the refinancing gives us strong foundations on which we can fulfill that ambition.”

Haseeb Aziz, Investment Director of Hutton Collins, commented:

“Everest is a fast growing company with a successful strategy that has continued to show impressive year-onyear growth. We are delighted to be investing alongside Brian Kennedy and the current management team in this dynamic business and we look forward to working with them to look at all opportunities for the business and drive future growth”.

Acquisition debt facilities totaling £100m were provided by the Bank of Scotland. Everest was advised on the transaction by PriceWaterhouseCoopers Corporate Finance and DLA Piper. Hutton Collins was advised by Dickson Minto W.S. and the management team was advised by Pinsent Masons.