Portfolio update: COVID-19

At Equistone, the entire team across our offices has been working over the past two months to respond to the impact of the global COVID-19 pandemic.

We are endeavouring to support all the companies in our portfolio as well as our own employees and stakeholders, while at the same time ensuring that we strive for open and transparent communication with our investors. Despite remote working, we continue to pull together as a firm and have been encouraged by the resilience of our business and the companies across Europe that we support.

It has been truly inspiring to see so many of the companies in our portfolio making a positive impact on society and showing such great ingenuity and generosity when confronted by the unprecedented challenges that the outbreak of COVID-19 has wrought.

It is with a huge amount of pride that we give thanks to the efforts they have made at this time and we would like to take this opportunity to mention some of the ongoing support that they have offered during this difficult period.

In France, Bruneau, the online retailer of office supplies and equipment, donated 1,000 surgical masks to the Longjumeau Hospital. Julie Montassier, the retailer’s occupational health nurse, also made a personal donation to the hospital of colouring pens, scrub caps, as well as jackets and disposable coveralls. More recently, Bruneau installed lockers, meeting tables, chairs and armchairs in just three days; in time for the opening of a new building for COVID-19 patients at the Henri Mondor Hospital.

Each week, the sneakers’ retailer, Courir has donated 100% of the profits made on a selection of sneakers highlighted on its website. One of the recipients of these donations was the AP-HP Coronavirus Covid 19 Emergency Fund. Courir’s online sites serving Spain and Belgium are also offering the same support to local organisations.

Across Germany, the Netherlands and Switzerland many portfolio companies have been actively supporting local organisations in the fight against COVID-19. One such example is Defshop, the streetwear retailer, which has been donating 50% of profits from its STAY HOME hoodies and t-shirts range to the German Red Cross.

In the UK, marketing services provider, ITG helped Staffline Recruitment (#FeedtheNation) to support supermarkets and supply chains with the increased demand for temporary jobs. The website performance application they implemented has streamlined the online job application process for thousands of candidates. ITG has also donated hundreds of cakes and treats to local care homes that are currently unable to have visitors, including Victoria Lodge in Acocks Green and Waterside House in Wolverhampton.

Nylacast has committed greater priority, capacity and resource for the manufacture of equipment being used on the front lines of the COVID-19 battle. They recently shipped a number of urgent projects for key industries, with many orders being manufactured and fulfilled in the same or next day.