Endless completes first public to private deal
An Endless-backed company has completed the private equity firm's first public to private deal with the acquisition of office 2 office (o2o), a listed business supplies and services group.
The deal, which was originally announced on 21 August 2014, has now been approved by o2o shareholders, sanctioned by the court and has received approval from the Competition and Market Authority.
EVO Business Supplies, led by group chief executive Robert Baldrey, will now begin the process of detailed planning to merge o2o with Vasanta Group, the Sheffield-based business supplies group which Endless has owned since 2009.
The new £660m revenue group will be one of the largest multi-channel distributors of business supplies and services in its industry.
"I am convinced that we can drive the merged group on to even more success than we have separately enjoyed these past few years," said Baldrey.
Mathew Deering, investment director at Endless, added: "Vasanta has been achieving strong growth organically, as evidenced by its recent inclusion in the Grant Thornton Sunday Times Top Track 250.
"However, we have long held an ambition to undertake a transformational business combination for Vasanta that would enable it to be a key player in consolidation in the sector.
"O2o was always our preferred candidate because the strategy, customers and capabilities of the two businesses fit together fantastically well. We are confident they will have a bright future together as a combined group."
Endless and EVO received corporate finance, tax and pensions advice from Deloitte (Byron Griffin, David Smith, Sue Holmes) and legal advice on the transaction and competition matters from Walker Morris (Debbie Jackson, Richard Naish, Peter Considine, Trudy Feaster-Gee).
Alvarez & Marsal (Mike Trenouth, Adam McLelland) provided financial and operational due diligence services to EVO. O2o was advised by Rothschild (Stephen Griffiths, Matt Jowett), with legal advice provided by Macfarlanes.