H&L Garages operates six Mercedes-Benz commercial vehicle dealerships across North Yorkshire, Humberside and Lincolnshire.  The business is headquartered in South Killingholme. 

PPCF first became involved with the management team of H&L when the business was a non core part of PD Ports Group, which itself was subsequently acquired by an Australian quoted company, Balbock & Brown Infrastructure. PPCF worked with the management team of H&L to create an MBO proposal and secure support from the parent company to proceed.

PPCF introduced Endless LLP who provided a funding package which allowed the management team to hold a majority equity stake in the business. PPCF's knowledge of the private equity market enabled them to identify Endless as the ideal partner for management as the flexibility of their approach allowed them to structure a deal appropriate to the particular requirements of a motor dealership. The MBO provided management with a clear structure for repurchasing Endless's equity in the future.

One year after the MBO, PPCF structured a deal allowing the management team to complete a secondary MBO. The additional funding was provided by The Royal Bank of Scotland, who backed the original MBO. Management now hold all of the equity.