Private equity investor Endless has snapped up Menzies Distribution for £74.5m.

Endless said its acquisition of Menzies Distribution was designed to allow the distributor to “build on successful growth and diversification strategy”.

It added that it would enabe Menzies Distribution to secure a sustainable route to market for its product and harness its UK network to partner with national parcel carriers.

“I am delighted to announce today the sale of Menzies Distribution,” said John Menzies chairman Dermot F Smurfit.

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“In doing so we create a pure play aviation services business that operates in a structural growth market and is very well-placed to take advantage of the many exciting opportunities that exist.”

The deal is pending approval from shareholders of parent company John Menzies and the Competition and Consumer Protection Commission in Ireland.

Endless will provide a further statement once the transaction has been completed.

Menzies Distribution employs 3,700 people across 54 sites in the UK and Republic of Ireland, and distributes over 6.5 million newspapers and magazines a day.