July 26, 2018
Endless to acquire menzies Distribution Limited
Endless LLP (‘Endless’), one of the UK’s leading mid-market private equity investors, today entered into a conditional agreement to acquire Menzies Distribution Limited and all associated subsidiaries (‘MDL’) from John Menzies plc. Total enterprise value for the acquisition will be £74.5 million.
Headquartered in Edinburgh, MDL operates one of the largest overnight time-critical logistics networks in the UK, providing final mile delivery for over 100 million delivery units each year and serving customers in the press, travel and third-party logistics sectors. While its core business is in strategic partnering with publishers to provide a sustainable route to market for their product, two years ago the company began a successful diversification strategy harnessing its unique UK and Ireland network capabilities to work with national parcel carriers and to develop an innovative solution for retailers.
Employing approximately 3,700 people across 54 sites, throughout the UK and the Republic of Ireland, the business distributes over 6.5 million newspapers and magazines each day.
Endless’ acquisition of MDL will enable the business to build on its successful growth and diversification strategy, working in long-term partnership with publishers to secure a sustainable route to market for their product and further support building and harnessing MDL’s UK network to partner with national parcel carriers and become a provider of choice to the retail sector.
The transaction constitutes a Class 1 transaction (as defined in the Listing Rules) and will therefore require the approval of the shareholders of John Menzies plc and approval by the Competition and Consumer Protection Commission in Ireland.
This deal further adds to Endless’ excellent track record of carving out businesses from corporate sellers and comes less than a week after Endless listed The Works on the London Stock Exchange in a £100 million flotation.
A further statement from Endless LLP will be released upon completion of the transaction.