Endless backs Adare Group MBO

Endless LLP is delighted to announce that it has backed the secondary Management Buy Out of Adare Group (“the Group” or “Adare”) in a £60 million transaction. The Group provides Secure & Essential Communications and Global Marketing Procurement Services and comprises of four business divisions with a combined turnover of £170 million. Adare services a wide range of global blue chip customers, including some of the world’s leading brands as well as contracts with a number of UK government departments.

The management buyout is led by the group Chief Executive Officer, Robert Whiteside, together with five other senior directors. HSBC Bank plc has provided acquisition finance and working capital facilities to support the deal.

This transaction represents the second acquisition for Endless within a week, having recently completed the secondary management buyout of FMG, the specialist in fleet incident management. Endless recently announced it had raised a new fund (Fund IV) of £525 million to invest in buyouts and non-core acquisitions from larger groups. The fund is supported by a range of global investors, including some of the best known universities and the family offices of some of the most successful entrepreneurs in the world.

Robert Whiteside commented “Adare's proposition has developed significantly in recent year's through both product development and global expansion. This transaction allows us to accelerate our ambitious growth plans through investment in people, technology and infrastructure whilst providing us with the capacity to make strategic acquisitions both home and abroad.

We view Endless as the perfect partner, having understood our business rapidly and shown unwavering enthusiasm to support the Adare team and our strategic aspirations. Their straight-talking and focused approach is so compelling we saw no merit in discussing this opportunity with other private equity investors.”

Chris Clegg, Managing Director at Endless, commented: “We were immediately attracted to Adare by its outstanding management team, its extensive blue chip customer base and its industry-disruptive technology platform. Combined with its global footprint of 50 locations across 4 continents, we expect to be supporting Robert and the Board in a number of transformational acquisitions in the future. This is a very exciting time to be backing the
business in view of its strategic aspirations and we are delighted Robert and the rest of the team chose Endless to be their partner.”

The Endless deal team was led by Chris Clegg with support from Michael Rice, James Woolley, Kerry Battiscombe, Matthew Jubb and Stefan Nowakowski. Endless was advised by Squire Patton Boggs (Jonathan Jones and Giles Cheshire). The Management team were advised by Park Place Corporate Finance (David Hardless and Ian Hale) and Gordons (Simon Pilling and James Cook). The Vendors were advised by Livingstone Partners (Patrick Groarke).