Enterprise set for private equity deal

British cleaning and maintenance group Enterprise is today understood to be on the brink of a sale to private equity group 3i after accepting an offer worth £486m (€720m).

The 605p-a-share offer is the second bid by 3i for the group – Enterprise previously rejected an offer for 575p a share made last month, according to a report in the Daily Telegraph.

It is believed that 3i first approached Enterprise last November.

The deal could reportedly be sealed within weeks, although rival bids are not ruled out at this stage.

Enterprise provides maintenance and support services to a range of public sector bodies, such as local councils and central government, alongside private sector utility companies.

It was launched in the early 1980s as an independent economic development consultancy, formerly called Lancashire Enterprise.