Endless backs FMG buyout

According to the Yorkshire Post, the deal is believed to value FMG at around £40m. Endless, which is believed to has secured a minority stake in the deal, was unavailable for comment at the time of publication.

The GP is currently investing from its latest fund, which closed on £525m at the end of last year, enabling Endless to target larger transactions in comparison to its previous vehicle. The fund was, at the time, expected to acquire companies through all-equity transactions, funding deals entirely from its own resources.

The deal will result in an exit for Spirit Capital. In early 2008, the firm (then the private equity arm of Aberdeen Asset Management, prior to its spinout) invested £7m for a significant minority stake in FMG.

Andrew Cope joined FMG in 2014 as executive chairman and the transactions will see him increase his stake in the business. The company's CEO and the rest of the management team will also increase their holdings. FMG's founder remains a shareholder.

Cope has had significant experience of private equity-backed buyouts in recent years. He was chairman of leasing business Zenith, which has undergone five buyouts since 2003 – most recently with HgCapital, buying the company from Morgan Stanley Global Private Equity. Previous backers include Equistone, 3i and Dunedin.

Company
FMG provides outsourced incident management services for clients including insurance companies, corporates and vehicle-leasing companies. The business also provides specialist roadside recovery services for the Highways Agency, several police forces and local government authorities.

According to the Yorkshire Post, the business generates revenues of around £90m.

People
Mathew Deering and Kerry Battiscombe led the deal for Endless, with support from Indra Harrison, Michael Rice and Adam Keasey.

Advisers
Equity – Walker Morris, Debbie Jackson, Peter Considine (Legal)
Company – Park Place Corporate Finance, Tim Simpson, Amman Boughan (Corporate finance); Squire Patton Boggs, Jonathan Jones, Jayne Aarons (Legal).

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