Endless celebrates one of its best investments
Former bosses from Barnsley-based Amalgamated Construction have acquired sister companies Amco Drilling and Amco Developments.
Amalgamated was recently sold to specialist engineering and building group Renew Holdings for £19.8 million plus a deferred payment of £6.2million.
Now, investment group Endless has sold its stake in Amalgamated’s two sister companies in a deal which values the businesses at £14 million.
Endless took a stake in the three businesses in 2008 when it backed a management buyout of the businesses from Amco Corporation – since renamed Billington Holdings.
Partner Darren Forshaw 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.
“The sale of Amalgamated Construction to Renew last month provided the platform to conclude the sale of the other Amco businesses to the management team and I know that all parties are delighted with the outcome.”
Amco Drilling is a leading provider of drilling services across West Africa and closer to home, while Amco Developments specialises in commercial, leisure and retail developments in the North of England and is involved in projects in Sheffield, including the construction of apartments in Arundel Street and the development of the old Gordon Lamb site off Ecclesall Road.
Ian Swire, from the AMCO management tream, said: “I am extremely proud to have been involved in the Amco success story for over 20 years. These are fantastic Yorkshire businesses and I am confident that they will all continue to thrive under their new ownerships.”
David Forrest, Don Gray and Zoe Roberts from BHP Corporate Finance, provided corporate finance, deal structuring and tax advice to the management team, while Hill Dickinson Sheffield, who acted for Endless and management in the deal with Renew, provided legal advice to management for the latest deal.
Banking facilities were arranged by David Hunt, from Lloyds Bank Corporate Markets in Sheffield.
David Forrest said: “It was a pleasure to act for an outstanding management team on transactions which not only produce an excellent outcome for all parties but also provide a textbook example of how MBOs and private equity can be a force for good.”