Leeds-based private equity firm Endless LLP said that Endless Fund IV acquired IT storage infrastructure firm MTI Europe BV from US-based private equity fund Garnett and Helfrich Capital LLP for an undisclosed price.

Endless said MTI is a £70 million turnover, European market-leading provider of IT storage infrastructure and security solutions.

Headquartered in Godalming, Surrey, and operating mainly in the UK, Germany and France, MTI provides services “including on-site and cloud-based storage, security solutions and infrastructure-as-a-service.”

Endless said this is its eighth investment from its £525 million Fund IV and the transaction followed a busy end to 2016 after the exits of Trustmarque, Liberata, Chaucer Foods and West Cornwall Pasty Company.

Keith Clark, CEO of MTI, said: “Endless’ ownership of MTI Europe will allow the business to grow organically and through further acquisitions over the coming months.”

Ed Ransome, investment director at Endless, who led the transaction, said: “Our investment in MTI is a clear indicator that Endless has a strong appetite to invest in profitable businesses which operate across Europe.

“Under the leadership of Keith and his team, MTI has generated strong profits for many years.

“We will draw upon our experience as a transformational investor, and from owning similar companies in the past, to support him and his team in taking the business to a new era of growth through both organic means and from pursuing add-ons.

“Whilst Brexit has brought uncertainty to investors and owners of UK companies, we continue to pursue overlooked assets which possess underlying, latent value.

“We believe there will be significant opportunities for us to invest further in such businesses in 2017.”

The Endless deal team was led by Ed Ransome, Francesco Santinon and David Isaacs.

Endless were advised by Eversheds (Robin Johnson, Jonathan Pollard and Simon Winterburn) and BDO (Lee Jefferson and Nuala Higgins).