Endless backs £17.9m FPS spin-out from Kier

Following completion of the deal, the business will be rebranded as Essential Fleet Services. The company has also secured a five-year contract with its former parent to supply its local authority highways and utilities businesses.

The sale is part of a strategy by building and civil engineering group Kier to divest non-core assets.

Endless has been particularly active in 2015 to date. In Q2, it backed the MBOs of retailer and TV shopping channel High Street TV; marketing and secure communications business Adare; and incident management services firm FMG.

Company
Lincoln-headquartered Essential was founded in 1998 under the TransLinc moniker. The company has a maintenance network of 20 service centres and an overall headcount of 500. It generates a turnover of £43m.

People
Mathew Deering is a partner at Endless. Essential Fleet Services managing director Ray O'Toole and operations director David Liston led the MBO.

Advisers
Equity - Eversheds (Legal); PwC (Debt advisory); KPMG (Tax).
Vendor - Deloitte (Corporate finance); Dentons (Legal).
Management - Sentio Corporate Finance (Corporate finance); Squire Patton Boggs (Legal); Deloitte (Tax).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• UK / Ireland
• Support services
• United Kingdom
• Endless