M&A Deal Summary

Lloyds TSB Development Capital Acquires CitySprint

On February 18, 2016, private equity firm Lloyds TSB Development Capital acquired publishing company CitySprint from Dunedin for 175M GBP

Acquisition Highlights
  • This is Lloyds TSB Development Capital’s 1st transaction in the Publishing sector.
  • This is Lloyds TSB Development Capital’s 4th largest (disclosed) transaction.
  • This is Lloyds TSB Development Capital’s 168th transaction in the United Kingdom.
Investment Fate
  • CitySprint was sold to a strategic buyer in 2022.

M&A Deal Summary

Date 2016-02-18
Target CitySprint
Sector Publishing
Buyer(s) Lloyds TSB Development Capital
Sellers(s) Dunedin
Deal Type Secondary Buyout
Deal Value 175M GBP
Advisor(s) Catalyst Corporate Finance (Financial)
Squire Patton Boggs (Legal)

Target

CitySprint

Surrey, United Kingdom
website
CitySprint is a provider of courier and logistics services to customers. Company streamlines the delivery process, to any sector, from healthcare to high tech, manufacturing to publishing, with right vehicle to suit customers needs in a flexible and versatile fleet, like pushbikes to motorbikes, small and large vans. CitySprint was founded in 2001 and is based in Surrey, United Kingdom.

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Buyer(S) 1

Buyer

Lloyds TSB Development Capital

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 2.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Lloyds TSB Development Capital Ltd (LDC) is the private equity arm of Lloyds Banking Group Plc and invests in mid-market companies throughout the UK. LDC seeks high growth businesses with at least two years of profitability (greater than £1 million). The Firm looks to commit £2 to £100 million in companies generating at least £5 million in revenue. Areas of interest include cleantech/environmental, construction/property, financial services, healthcare, industrials, retail/consumer, support services, TMT and travel/leisure. Prospective transaction types includes acquisition financings, development capital, equity release, MBOs, MBIs, mergers, private placements, and secondary buy-outs. Lloyds TSB Development Capital Ltd was formed in 1981 and is based in London.


DEAL STATS #
Overall 176 of 292
Sector (Publishing) 1 of 1
Type (Secondary Buyout) 32 of 56
Country (United Kingdom) 168 of 282
Year (2016) 2 of 14
Size (of disclosed) 4 of 69
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-01 TCEG

London, United Kingdom

TCEG is a collection of three creative agencies - WRG, The Moment and Just Communicate - that provide experiential marketing primarily through events and digital marketing, including virtual and augmented reality, predominantly to healthcare clients. TCEG is based in the UK but services clients across the world, with approximately one third of revenue generated in the US.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-02 Evander Group

Oldham, United Kingdom

Evander Group is a provider of glazing and locksmith services for the insurance, home emergency, facilities management and property sectors. Evander Group provides 24-7 response and fulfilment services, making the places where you live and work safe, secure and smart. Evander Group was founded in 1973 and is based in Oldham, United Kingdom.

Sell -

Seller(S) 1

SELLER

Dunedin

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1996
PE ASSETS 400M GBP
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Dunedin is a middle-market private equity firm focused on investments in the UK. Dunedin looks to invest in businesses with proven management, strong market positions/brands, positive cash-flow, significant barriers to entry, and strong opportunities for growth. Dunedin seeks businesses valued from £20 to £100 million. Targeted sectors include construction, building materials, consumer products/services, financial services, healthcare, leisure, specialist manufacturing, and support services. Dunedin was formed in 1996 and is based in Edinburgh with an additional office in London.


DEAL STATS #
Overall 22 of 34
Sector (Publishing) 1 of 1
Type (Secondary Buyout) 7 of 13
Country (United Kingdom) 22 of 33
Year (2016) 1 of 1
Size (of disclosed) 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-05 Alpha

London, United Kingdom

Alpha is a global asset and wealth management consulting firm providing specialist consultancy services to blue-chip asset and wealth managers and their third-party administrators. The company has over 200 consultants deployed across six major financial centers (London, Paris, New York, Boston, The Hague & Luxembourg), working on behalf of more than 130 top asset and wealth management clients. It currently advises three-quarters of the top 50 global asset managers. Alpha was incorporated in 2003 and is based in London, United Kingdom.

Buy £80M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-06 Kingsbridge Risk Solutions

Liverpool, United Kingdom

Kingsbridge Risk Solutions Ltd. is a provider of insurance services that are tailored to meet the needs of contractors, freelancers and independent professionals, as well as the compliance requirements of partners including recruiters and accountants. Working in conjunction with its strong partner network, Kingsbridge covers the broadest range of industry sectors in its market, including aerospace, banking and finance, rail, automotive, nuclear, oil and gas and information technology.

Buy -