Fri, 03 Jul 2015 | MBO/MBI
Kier Group's Fleet and Passenger Services (FPS) division has been sold through a management buy-out (MBO) for £17.9 million.
The division is set to remain under the control of its previous managers but ownership has been transferred thanks to the input of private equity firm Endless after Kier concluded that it would make sense to dispose of the business to allow a more specialist operator to take control.
FPS is to be renamed Essential Fleet Services and will continue to provide specialist vehicle contract leasing, as well as fleet management services to both public sector clients and Kier's own businesses working on local authority highways and utilities.
Haydn Mursell, chief executive at Kier, commented on the sale: “FPS was acquired as part of the May Gurney transaction. However, in light of our strict return on capital requirements, we concluded that it would be appropriate to dispose of FPS to a specialist operator which will be managed by the existing management team.”
Managing director Ray O'Toole added that the company is “delighted” to work with Endless as a new partner: “Endless was immediately aligned with the growth ambitions of the management team and the future for Essential feels very bright.”
Essential Fleet Services has agreed a five-year deal with Kier to see them continue to provide fleet services to its businesses for this period. However, both companies appear more positive about the fleet company's future after separating from Kier given that the business did not tie in with its core business.
View other businesses for sale.
A restaurant has operated on this very prominent, high street corner location for many years and was purchased late in 2016 by the vendor with the intention of adding a retail business to it commercial business. The vendor then invested circa £70,000...
LEASEHOLD
Serves clients in the automotive, industrial, medical and geotextile sectors. Operates from 16,000 sq ft leasehold premises. Sustains and generates consistent revenue without the need for marketing expenditure. Retirement sale. Offers invited.
LEASEHOLD
Provides a comprehensive delivery service, with a directly employed fleet of delivery drivers. Highly experienced management team in place, capable of managing day-to-day operations, post-sale. Significant scope for growth with geographic expansion a...
FREEHOLD
|
25
|
|
Feb
|
Property management platform faces administration | ADMINISTRATION
The parent company of UK property management startup Hostmak...
|
24
|
|
Feb
|
Clugston Group former headquarters up for sale | COMMERCIAL PROPERTY
St Vincent House in Scunthorpe, which was the headquarters o...
|
21
|
|
Feb
|
Street food catering firm seeks buyer after entering administration | ADMINISTRATION
Shrewsbury-based catering company MPM Catering has entered a...
Sign up to receive our acquisition alert emails to get your FREE guide
|
18
|
|
Dec
|
The Book People goes into administration | ADMINISTRATION
Online and pop-up book retailer The Book People has gone int...
|
15
|
|
Aug
|
British robotics firm completes management buyout | MBO/MBI
A robotics company which began life designing mechanisms for...
|
11
|
|
Jul
|
Endless close in on Kiddicare acquisition | DIVISION SALE
Private equity firm Endless is leading the race to season Ki...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources