26th July 2018
A multi-disciplinary team at Walker Morris has advised Endless LLP, one of the UK’s leading mid-market private equity investors, on a conditional agreement to acquire Menzies Distribution Limited (MDL) and all associated subsidiaries from John Menzies plc for a total enterprise value of £74.5 million.
Headquartered in Edinburgh, MDL operates one of the largest overnight logistics networks in the UK, providing final mile delivery for over 100 million delivery units each year and serving customers in the press, travel and third-party logistics sectors. While its core business is in strategic partnering with publishers to provide a sustainable route to market for their product, two years ago the company began a successful diversification strategy, harnessing its unique UK and Ireland network capabilities to work with national parcel carriers and to develop an innovative solution for retailers.
Employing approximately 3,700 people across 56 sites, throughout the UK and the Republic of Ireland, the business distributes over 6.5 million newspapers and magazines each day.
Endless’ acquisition of MDL will enable the business to build on its successful growth and diversification strategy, working in long-term partnership with publishers to secure a sustainable route to market for their product and further support building and harnessing MDL’s UK network to partner with national parcel carriers and become a partner of choice to the retail sector.
The transaction is subject to the approval of the shareholders of John Menzies plc and approval by the Competition and Consumer Protection Commission in Ireland.
Walker Morris fielded a multi-disciplinary team to provide comprehensive advice. Corporate partner Debbie Jackson led the team, with support from: Thomas Mieszkowski and Luke Riley (Corporate) with support from Michael Taylor, Lauren Sinclair-Williams (Finance), James Crayton, Lee Crooke (Commercial), Thomas Jackson (Real Estate), Jo Ratcliffe, Ruth Bamforth (Pensions), Andrew Rayment, Andrew Northage, Rachel Turnbull (Regulatory), Nicola Parkinson (Tax) and Alan Harper (IP).
Debbie Jackson commented:
“This acquisition will create a strong opportunity for Endless to develop this leading logistics business and reinforces their reputation for successfully carving out businesses from corporate sellers. Endless is a longstanding client of the Firm and the number of successful transactions we have achieved together is testament to our focus on building good working relationships. These relationships are key in being able to provide Endless with sound commercially focussed advice.”
This deal comes less than a week after Walker Morris advised Endless on the listing of The Works on the London Stock Exchange in a £100m flotation.