Endless acquires forestry business BSW

Endless drew equity from its Endless Fund IV, which held a final close on £525m. The GP can write tickets of up to £80m.

Endless intends to deliver organic growth and further diversification through investment and acquisition.

BSW has made a number of acquisitions over the past several years, such as Tilhill Forestry in November 2015, Alvic Plastics in August 2018 and Maelor Forest Nurseries in July 2019. BSW CEO Tony Hackney and CFO Alan Milne will continue leading the company.

The Brownlie family are the vendors of the shares.

The Royal Bank of Scotland asset-based lending team supported the transaction.

Company
BSW is a forestry and sawmill business that employs 1,200 people, and owns seven sawmills in the UK and one in Latvia. Founded in 1848 in Berwickshire, the company reported operating profit of £10m from revenues of £355m for the year ending on 31 March 2019, up from operating profit of £3.4m from revenues of £304m for the preceding year.

People
BSW Group – Tony Hackney (CEO); Alan Milne (CFO).

Advisers
Equity – Walker Morris (legal); Deloitte (pensions due diligence); Poyry (commercial due diligence); KPMG (tax); EY (financial due diligence).
Vendor – MCF Corporate Finance, Ian Henderson (corporate finance); Burges Salmon, Danny Lee (legal).
Management – Liberty Corporate Finance (corporate finance).

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• Topics
• Buyouts
• UK / Ireland
• Industrials
• United Kingdom
• Endless
• Deloitte
• KPMG
• EY (Ernst & Young)