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    March 23, 2011

    Endless completes Amco exit with £14m deal

    The departing members of the Amalgamated Construction management team have acquired Endless’ stakes in Amco Drilling and Amco Developments, Insider can reveal

    The deals, which value the two companies at a combined total of £14m, follow the sale of Amalgamated Construction to Renew Holdings in February for £19.8m initial consideration plus £6.2m deferred.

    Following the completion of that deal, two of the directors that masterminded the 2008 MBO – David Jackson and Ian Swire – left the business.

    Swire told Insider: “After that deal, David and I had discussions with Endless to see if we could acquire their interests in the other two groups. That is what we have now completed on, by way of upfront payment and deferred consideration.”

    Barnsley-based Amco Group previously comprised three businesses: Amalgamated Construction, Amco Drilling and Amco Developments, each owned by Endless and management following a 2008 buyout from Amco Corporation, now Billington Holdings.

    Amco Drilling does exploration drilling across West Africa, including operations in Guinea and Mauritania.

    Amco Developments is a property development company specialising in commercial, leisure and retail developments. Its sites include apartments in Arundel Street and the development of the old Gordon Lamb site off Ecclesall Road, both in Sheffield.

    This latest deal completes Endless’ exit from the partnership. Darren Forshaw, partner at Endless, said: “Our investment in Amco has proved to be one of the most successful we have ever made, delivering market-leading returns that we are extremely proud of.”

    Swire said there may be further investment in additional rigs for Amco Drilling, depending on the world markets and cashflows.

    “In the next couple of years, the focus will be on cash generation to pay down the debt. After that we may look to invest in further countries.”

    Forshaw led the deals assisted by Aidan Robson, investment director at Endless. Legal advice was provided by Richard Naish and Peter Considine of Walker Morris.

    Legal advice to management was provided by Hill Dickinson Sheffield, led by corporate partners Neil Thompson and Paul King. Hill Dickinson also acted for Endless and management in the deal with Renew.

    Corporate finance, deal structuring and tax advice to management was provided by BHP Corporate Finance, with the team led by David Forrest, Don Gray and Zoe Roberts.

    Banking facilities for Amco Drilling and Developments were arranged by David Hunt, relationship director of Lloyds Bank Corporate Markets in Sheffield.


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