Endless backs £60m MBO of Adare

Under Endless's tenure the company will undertake a global expansion strategy, which will include bolt-on acquisitions. The business will also seek to increase its headcount and invest in new technology and infrastructure.

The announcement comes shortly after Endless took a stake in the MBO of incident-management services firm FMG.

The GP recently held a first and final close for its fourth fund on £525m, surpassing its £400m target.

Adare was previously owned by Bank of Scotland, which acquired the business in a £119.5m buyout in March 2006.

Debt
HSBC provided acquisition finance to support the deal.

Company
Headquartered in Haverhill, Suffolk, Adare provides marketing and secure communications services to organisations in both the public and private sector. The business, which currently operates in 50 locations throughout four continents, has a combined turnover of £170m. It was founded in 1991 and employs 900 staff.

In October 2014, the company completed a £31m refinancing with HSBC Leveraged Finance and Middle Market Financial.

People
Chris Clegg, managing director at Endless, led the GP's team alongside Michael Rice, James Woolley, Kerry Battiscombe, Matthew Jubb and Stefan Nowakowski. Robert Whiteside is CEO of Adare.

Advisers
Equity – Squire Patton Boggs, Jonathan Jones, Giles Cheshire (Legal).
Vendor – Livingstone Partners, Patrick Groarke (Corporate Finance).
Management – Park Place Corporate Finance, David Hardless, Ian Hale (Corporate finance); Gordons, Simon Pilling, James Cook (Legal).

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• Topics
• Buyouts
• UK / Ireland
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• United Kingdom
• Endless