G&H sells MTI Europe to turnaround player Endless

Under the vendor's nine-year tenure, the business invested in new service centres in the UK and Germany, as well as introducing a cloud-based storage product. It also made a number of recruitments to its senior management team.

Endless intends to undertake a buy-and-build growth strategy for the company, according to a statement.

The deal marks the eighth investment with capital drawn from Endless's fourth fund, which held a final close in December 2014. In 2016, the GP acquired vehicle conversion business O&H Conversions Group and car component manufacturer Brabant Alucast International.

The GP has previously invested in the IT space, having acquired Liberata from General Atlantic Partners in 2011. Endless sold Liberata last year in a £43m trade sale to Japanese trade buyer Outsourcing Inc (OSI).

Previous funding
G&H spun out MTI Europe in December 2007 in a deal valued at $5.5m, after parent group MTI Technology Corporation entered into administration.

Company
Founded in 1988 and headquartered in Godalming, Surrey, MTI provides on-site and cloud-based data storage, IT infrastructure and cybersecurity. The business operates from 10 locations across the UK, Germany and France. It generates a turnover of £70m, according to a statement issued by the acquirer.

People
Endless – Francesco Santinon (partner); Ed Ransome (investment director); David Isaacs (investment manager).
MTI Europe – Keith Clark (CEO).

Advisers
Equity – Eversheds, Robin Johnson, Jonathan Pollard, Simon Winterburn (legal); BDO, Lee Jefferson, Nuala Higgins (financial due diligence).
Vendor – Spectrum Corporate Finance, Clive Hatchard, James Mines (corporate finance); Cooley, Justin Stock, Stephen Rosen (legal); DAC Beachcroft, John Singh (corporate finance).

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