September 3, 2019
O&H vehicle technology announces management buy-out
Goole-based ambulance builder O&H Vehicle Technology has announced a management buy-out from current private-equity owners Endless LLP by managing director, Oliver North, with the support of Yorkshire businessman, Ken Davy.
O&H has been owned by Endless since 2016, during which time the business has delivered hundreds of new British-made ambulances to the NHS trusts across the UK. The MBO, announced in August 2019, gives the new management team a fantastic platform to accelerate the development of the business.
Endless has provided O&H with essential financial support through the most challenging phase of the firm’s 32-year history, making a significant investment in safeguarding the long-term future of a historic Yorkshire business. In January 2019, Endless appointed Oliver North as CEO to lead the business into new markets.
Commenting on the deal, Oliver said: “After being drafted in by Endless at the turn of the year, we knew the company needed new energy, direction, and deeper relationships in its key markets. After eight successful months, we’ve seen improvements in all aspects of the company and during this time I’ve grown to admire every facet of it.
“O&H Vehicle Technology now has a foundation to stride forward as the standard bearer of UK emergency vehicle manufacturing. I would also like to thank Endless for their support – without their dedication we wouldn’t have the foundation we have today on which we can build as we take the business forward.”
Endless LLP Partner, Matthew Jubb, said: “We invested into O&H at a time that nobody else would; the business urgently needed our support and we set about rescuing a great brand in UK manufacturing, protecting employment and making O&H fit for its future development. It is now time for the management team, with the support of the new shareholders, to take O&H on to an even greater success. I would like to thank Oliver and the rest of the team for their commitment to making O&H what it is today and wish them every success for the future.”
The purchaser was advised by Park Place Corporate Finance, Eversheds Sutherland, BDO. Management were advised by Womble Bond Dickinson. Endless was advised by Walker Morris.