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Unquote
  • Portfolio management

Endless-backed Adare acquires BMC

  • Kenny Wastell
  • Kenny Wastell
  • @kennywastell
  • 17 May 2016
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Endless-backed marketing and secure communications business Adare Group has bolted on Banner Managed Communications (BMC).

Adare is acquiring the business from another Endless portfolio company, office2office, which the GP acquired for £19m in a 2014 take-private deal.

The value of the transaction is undisclosed, though following the deal Adare will increase its turnover from £170m to £230m.

Banner Managed Communications

  • DEAL:

    Portfolio management

  • LOCATION:

    London

  • SECTOR:

    Media agencies

  • FOUNDED:

    2010

The transaction comes six months after the company sold its packaging division to trade player Americk Packaging.

Endless backed the £60m management buyout of Adare in early 2015. At the time of the acquisition, the company was set to undertake a global expansion strategy, which would include bolt-on acquisitions. Endless also stated the business would seek to increase its headcount and invest in new technology and infrastructure.

HSBC has supported the deal, as was the case with Endless's original buyout deal for Adare.

Company
London-headquartered BMC was founded in 2010 and provides business communications services. The company has nine offices across seven countries.

Adare was founded in 1991 and is headquartered in Huddersfield, West Yorkshire. It provides marketing and secure communications services to organisations in both the public and private sector. Its clients include Coca Cola, Heineken, Carlsberg and Pfizer.

Following the BMC acquisition, the merged group will have a headcount of 1,000 across 35 countries.

People
Endless – Darren Forshaw (co-founder, partner).
Adare Group – Robert Whiteside (CEO).
Banner Managed Communications – Catherine Burke (chief executive).

Advisers
Equity – Squire Patton Boggs, Jonathan Jones (legal); Park Place Corporate Finance, David Hardless (corporate finance).

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