Endless steels itself for three-way fight for Tata business
PRIVATE equity house Endless has been named as a bidder for Tata Steel’s Scunthorpe plant, and the rest of its long products division.
The Indian conglomerate employs 5,000 people within this part of its global operations but is wanting to sell after the British steel industry was gripped by a major crisis.
Greybull, the investment fund which backed the purchase of 130 M Local convenience stores from Morrisons, which have become My Local, and is well-known for its rescue of airline Monarch, is also a front-runner, alongside an unnamed American private equity house, the Sunday Telegraph has reported.
Leeds-based Endless has specialised in turnarounds in its 10 years, even if more recently it has broadened its portfolio to include investing in thriving businesses.
It has substantial funds to invest, having raised £525m in Fund IV which launched in April and can invest up to £80m in individual transactions.
Endless has already dipped into its latest fund to back the MBO of Imtech UK, which helped to save 2,500 jobs, and deals for Ink, Adare Group, Charpentes Francaises, High Street TV and Essential Fleet Services.
It has even secured its first exit, having invested in road incident specialist FMG
which it then sold in August to Redde.
which it then sold in August to Redde.
* UNION leaders representing thousands of workers at Jaguar Land Rover have called for urgent talks with the heads of parent, Tata Motors, regarding their future.
