Endless acquires offshore logistics group ASCO
11 August 2023
Endless LLP (“Endless”) has acquired ASCO, the Aberdeen based, global provider of multi-site integrated supply base operations to the energy industry, handling over 1.3 million tonnes of cargo each year, with an overall warehouse footprint in excess of 150,000m sq.
ASCO has over 1,000 employees in the UK, with a further 500 across its international operations, with 60 strategically placed locations in nine countries across six continents serving offshore energy operators, developers and major service companies in the renewables, new energy, oil & gas, and decommissioning markets.
The acquisition by Endless will further strengthen ASCO’s position in the growing renewables and new energy markets, enabling it to capitalise on the increasing opportunities presented by the global energy transition.
Michael O’Donnell had served as a non-executive director since January 2021, with a particular focus on assisting with the sale process. He stood down as a director following the sale of the business in August 2023.
Rockpool exits Fortus for 2.5x
12 December 2022
Rockpool Investments (“Rockpool”) has agreed to exit its investment in Fortus Group in an MBO transaction backed by AIB Equity Capital.
Fortus is one of the UK and Ireland’s largest providers of security equipment and monitoring services within the CCTV, fire, intruder detection and access control product verticals. Rockpool backed Fortus’ management team to consolidate the UK security market with a buy-and-build strategy in December 2019 at which point Michael O’Donnell was appointed as chair. He had previously chaired Creative Car Park for Rockpool, which was successfully sold to Inflexion in March 2019.
Rockpool and AIB provided further funding in March 2021 to support the simultaneous acquisitions of Enterprise Security and Re:Sure, resulting in Fortus revenues reaching over €100m.
Following Rockpool’s exit, the Fortus management team, led by CEO Mark Brophy, will continue the company’s consolidation of the security market with further strategic acquisitions lined up in the UK and Europe. O’Donnell stepped down as chair upon Rockpool’s successful exit, which has delivered a 2.5x return and 36% IRR for Rockpool equity investors.
Dental Partners exits through trade sale
29 April 2022
Dental Partners has been sold to Rodericks, a NHS focused dental business, backed by private equity firm Capvest. Michael O’Donnell stepped down a chair of Dental Partners at completion of the sale, having been in the role since February 2020.
Set up in 2018 as a small clinician-led group of 10 practices in the East Midlands, Lincolnshire and South Yorkshire, Dental Partners grew to more than 60 practices with backing from August Equity (“August”). This was the second business O’Donnell chaired for August.
Rockpool asks O’Donnell to chair another business: Fortus Group
13 January 2020
Following an investment in RWL Security Solutions and the simultaneous acquisition of EZCCTV.com, together forming the “Fortus Group”, Rockpool Investments (“Rockpool”) has appointed Michael O’Donnell as chair. He had previously chaired Creative Car Park for Rockpool, which was successfully sold to Inflexion in March 2019.
RWL SS is a value added distributor of security equipment headquartered in Dublin, Ireland. The Company supplies a wide range of CCTV, intruder, access control and fire safety products and is the largest B2B distributor of security products in Ireland. Rockpool has backed existing CEO, Brian Honan, who completed a management buyout of RWL SS in December 2018, supported by AIB Bank.
As part of Rockpool’s investment, RWL SS completed the acquisition of EZCCTV.com Limited, a leading distributor of CCTV and security equipment based in Hertfordshire, UK.
The acquisition is Fortus Group’s first bolt-on investment as part of the Company’s buy-and-build strategy. Fortus Group will look to acquire further security supply chain businesses in the UK & Ireland.
Successful sale of Creative Car Park
1 April 2019
Creative Car Park (“CCP”) has been sold to Inflexion, a mid-market private equity firm, providing a successful exit for its financial investor, Rockpool Investments. Michael O’Donnell stepped down as chair upon completion of the sale.
Based in London and founded in 2005, CCP was the UK’s first car park operator to offer a fully automated number plate recognition technology enforcement service. The firm’s offering ensures CCP’s clients’ customers can park easily by preventing car park misuse as well as freeing up staff time from monitoring parking. CCP’s low-cost installation model makes it highly scalable and well suited to cater for the nation’s large car park base. The company employs 85 people and is an approved member of the British Parking Association.
BMI Healthcare: successful recapitalisation
14 December 2018
BMI Healthcare Limited (“BMI Healthcare”) is one of the largest private hospital groups in the UK with 59 hospitals and clinics across the country, working with more than 6,000 consultants and employing over 8,000 staff. The hospital group has a national footprint and offers a full breadth of specialities and services.
The Company was founded in 1970 and Netcare, the South African healthcare group, acquired a controlling stake in what was the General Healthcare Group in 2006. Following the acquisition, the group was split into an “Opco” and “Propco” structure, with the Opco becoming BMI Healthcare. Above market fixed annual rent increases, coupled with changes to the market which have seen a contraction in the private medical insurance market and a reduction in NHS referrals, resulted in decreasing profits at BMI Healthcare.
On 14 December 2018, BMI Healthcare successfully concluded a transaction which saw a capital injection into BMI Healthcare of approximately £60m, a reduction in its annual rent of £65m, refinance of its £115m of banking facilities until 2023, transfer of ownership to Hospital Topco Limited and the extinguishment of various liabilities in excess of £600m. These contributions will fund a £250m capital investment programme which is already underway and will accelerate the reconfiguration and refurbishment of BMI Healthcare’s extensive estate and underpin the continued delivery of excellent patient care.
As a result of the successful conclusion of this transaction, Michael O’Donnell has stepped down as a non-executive director of certain BMI Healthcare companies and from the restructuring committee, where he has served since January 2018.
Chair of Creative Car Park
7 December 2017
Michael O’Donnell of Ebbtide Partners, has joined the board of Creative Car Park (“Creative”) as Chairman. This appointment has taken place in conjunction with Rockpool Investments, the private equity firm, acquiring a minority stake.
Founded in 1995 and headquartered in North London, Creative is a leading, high growth private car park operator that offers a fully automated ANPR enforcement service.
Creative installs signage and ANPR cameras to monitor vehicles entering and leaving the sites it operates and prevents the misuse of private land. Creative’s service is underpinned by its proprietary technology, which delivers an automated process through which offending vehicles are identified and parking charge notices issued.
GSM London role
15 September 2016
Michael O’Donnell of Ebbtide Partners, has joined the board of the holding company of GSM London (“GSM”) as Chairman.
GSM is a leading higher education provider, offering university accredited Bachelors, Masters and Postgraduate degrees in business, law, finance and management, along with a selection of travel and tourism courses and professional diplomas.
Established in 1973, GSM has a strong reputation for providing high-quality, affordable education. It has partnerships with the University of Plymouth and has been an accredited degree provider since 1991. Alongside offering a range of full-time and part-time degrees, GSM is one of a limited number of providers in the UK to offer accelerated or “fast-track” two year degrees, which provide students with a more affordable way of studying.
London based, GSM operates from campuses in Greenwich and Greenford, with a study centre close to London Bridge.
Park Resorts merges with Parkdean
10 November 2015
Park Resorts has completed its merger with Parkdean to create a business with 73 caravan parks and combined EBITDA in excess of £100m. The total value of the transaction was £960m.
Michael O’Donnell stepped down as an independent non-executive director of Park Resorts at completion of the successful merger.
LA Fitness sold to Pure Gym
29 May 2015
LA Fitness has been acquired by Pure Gym, the UK’s leading gym operator.
Subject to regulatory approval it is intended to convert most of the LA Fitness clubs into Pure Gym sites in a managed transition.
LA Fitness comprises 43 gyms, with 123,000 members, while Pure Gym has 98 sites.
Michael O’Donnell, who had been appointed to chair LA Fitness by its controlling stakeholders a year ago, stepped down at the successful completion of the sale.