Endless to carve out Menzies Distribution for £74.5m

In recent years, MDL has diversified its services beyond its focus on the print media sector, to offer outsourced services to third-party parcel carriers. According to a statement, the company will continue to pursue this strategy under the GP's tenure.

Endless is currently investing from Endless Fund IV, which closed on £525m in 2014. The vehicle seeks to acquire mid-market businesses with a turnover in the £10-500m range, investing equity tickets of £10-80m.

The deal would mark Endless's first investment of 2018, following a particularly busy 2017 in which it made 11 primary investments, according to Unquote Data. The GP has, however, made four divestments since the start of the year, most recently listing discount retailer The Works in a £100m IPO earlier this month.

The transaction is subject to regulatory approval and the approval of John Menzies shareholders.

Company
Headquartered in Edinburgh, MDL Distribution provides final-mile delivery services to the print media, travel and third-party logistics sectors. The company has a headcount of 3,700 across 54 sites in the UK and Republic of Ireland.

People
Endless - Aidan Robson (partner).

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