Turnaround firm Endless has sold off the remainder of construction group Amco to management for £14m (€16.1m).
Former Endless investment Amalgamated Construction – which together with Amco Drilling and Amco Developments made up the Amco group – was sold to Renew Holdings in February for £19.8m, plus £6.2m in a deferred consideration.
Now the departing members of that management team have taken the remainder of the group off Endless, a specialist turnaround private equity firm.
Endless backed the management team buying out the Amco group in 2008 for £9.4m from what is now Billington Holdings.
Amco Drilling provides drilling services in West Africa, while Amco Developments builds commercial, leisure and retail properties in the North of England.
Darren Forshaw, a partner at Endless, said: “The sale of Amalgamated Construction to Renew last month provided the platform to conclude the sale of the other Amco businesses to the management team.”
Debt on the deal was provided by Lloyds Bank Corporate Markets in Sheffield.
The construction industry was hammered in the downturn, with the number of firms going out of business in the UK up 15 per cent in the first quarter of 2009.
However, MBD Commercial Due Diligence anticipates that UK construction output will grow between two and four per cent in the following three years, and will reach £105bn in 2015 – up ten per cent on last year.