Tue, 02 Nov 2021 | BUSINESS SALE
Leeds-based private equity firm Endless has completed its exit from multichannel communications firm Adare SEC, which it acquired in 2015, with the business being sold to Opus Trust Communications for an undisclosed sum.
Endless originally acquired the business as part of the Adare Group, which it then separated into Adare SEC and marketing procurement services firm Adare International in 2017. Since then, Endless’ investment in Huddersfield-based Adare SEC has driven a significant transformation at the company.
This has seen the business shift its focus and reposition as a multi-channel and digital communications firm, alongside investment in developing best-in-class operations. This transformation led to the business reporting a 52 per cent increase in EBITDA to £5.4 million in its most recent accounts, for the year ending October 31 2019, with revenues increasing £1.7 million to £71.4 million.
With a workforce of close to 400, Adare SEC provides services including mandatory and regulatory communications to a range of high-profile clients, including UK government bodies, the NHS, Santander, Allianz and Aon.
Headquartered in Leicester, Opus Trust Communications is an omnichannel communications specialist with a 180-strong workforce. The acquisition of Adare SEC will increase this headcount to 530, while creating a group with £110 million in turnover.
Commenting on his firm’s exit from Adare SEC, Endless partner James Woolley said: “The sale to Opus Trust today represents the culmination of five years of work to transform the business into a leading digital and integrated communications company in this industry. It has been a pleasure to work with Rachael and her executive team and I wish them, and all of our colleagues at Adare SEC, a bright future as part of the Opus Trust Group.”
Adare SEC CEO Rachael Nevins, who will step down from her role as part of the deal, commented: “When we began the sale process of Adare SEC, we wanted to ensure that the business found the right new ownership. We are delighted that Opus Trust is that new partner who shares our vision of the future of the industry, our culture and our values.”
“It has been an honour to lead Adare SEC and its fantastic workforce over the last four years. All of our colleagues had to go the extra mile in recent times, dealing with impact of the pandemic, and I am humbled to have had the opportunity to represent them all.”
Opus Trust Communications CEO Tony Strong added: “This acquisition is a significant moment in our story, and we look forward to welcoming both colleagues and clients from Adare SEC to the Opus Trust Group. While the market is contracting, we are investing to allow us to grow at scale and pace. We made the commitment to become a £100m business within five years and have achieved that in under three.
“With complementary specialisms, we are now a much larger and more resilient business, but we don’t want to lose sight of our values or our wider ambitions. Our focus is to become the largest and best transactional communications partner in the UK market. As an acquisitive organisation we are already looking at further opportunities, however the relationships we have with our customers and the way we work so closely with them will remain our point of difference.”
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