Endless exits FMG to Redde after just four months

FMG's management team, led by executive chairman Andrew Cope, will reinvest for a minority stake in the business and will remain on the board.

Endless stated the deal delivered strong returns, despite coming so shortly after its initial investment.

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.

Previous funding
Endless took a stake in FMG via a management buyout led by Cope in April 2015. The deal was reportedly worth in the region of £40m.

Company
Huddersfield-headquartered 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 is a partner at Endless. Cope will continue in the role of non-executive director at FMG following the deal.

Advisers
Vendors – Deloitte, Martin Jenkins, David Frith (Corporate finance); Squire Patton Boggs, Jonathan Jones, Hannah Kendrick (Legal); KPMG, Steve Heath (Tax).

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