Endless buys up £30m-turnover conversions company
PRIVATE equity house Endless has acquired a vehicle conversions company with revenues of £30m.
Oughtred & Harrison (Facilities) Limited, trading as O&H Conversions, is a Goole-based business specialising in ambulance and welfare vehicle conversions.
Established in 1988, the company employs 234 people.
Last year it returned revenues of £30.7m, a decline on 2014, when the company returned £32.1m. Pre-tax profits reached £157,679, a marked decline on the £966,352 of the year before.
Leeds-based Endless has agreed to refinance the group and provide additional working capital for the business.
Andrew Smith, who joined Endless in May 2016 to become head of its Leeds office, led the transaction and joins the O&H board, supporting the current management team led by Peter Van Smirren.
A spate of directors have also exited the business, including founders Michael Oughtred and Paul Harrison, as well as James Mountifield.
Peter Van Smirren of O&H said “We are very much looking forward to working with the Endless team. In a relatively short period of time we have developed an excellent understanding. We are aligned in our objective to allow O&H to fulfil its potential and solidify its position as a leading provider of vehicle conversions.”
Andrew Smith added: “O&H has a strong reputation in the vehicle conversion industry and we are excited to be a part of the future for this well-respected business. “
The Endless deal team was led by Andrew Smith, Matthew Jubb, Richard Harrison and Stefan Nowakowski.
