Lloyds TSB Development Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Lloyds TSB Development Capital has acquired 8 companies. It has also invested in 33 others.

Lloyds TSB Development Capital’s most common sectors for investment arebusiness services (10%) and information technology (9%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (37%) and growth capital (32%). In total, Lloyds TSB Development Capital has invested in 5 US states and 5 different countries. Its largest (disclosed) acquisition occurred in 2015 when it acquired National Exhibition Centre Group for $473M.

In the last 3 years, Lloyds TSB Development Capital has exited 28 companies. The Firm’s most common exit type is trade sale (48%). Lloyds TSB Development Capital’s largest (disclosed) exit occurred in 2007 when it sold Apollo Property Services Group for $631M.

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M&A Summary

  • M&A Total Activity476
    • M&A Buy Activity288
    • M&A Sell Activity188
  • Total Sectors Invested 49
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 128
  • M&A Advisors 66

Lloyds TSB Development Capital Ltd.

One Vine Street,
London, W1J 0AH
United Kingdom
+44 (0)20 7758-3680
www.ldc.co.uk
churley@ldc.co.uk

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.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Communications, Construction, Consumer Products, Consumer Services, Defense, Distribution, Education, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Gaming, Healthcare Services, Information Technology, Insurance, Leisure, Life Science, Manufacturing, Marketing, Media, Medical Products, Plastics, Real Estate, Retail, Safety/Security, Software, Staffing, Technology Hardware, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Growth Capital, Special Situations/Distressed, Secondary Buyout

Geographic Preferences: United Kingdom

Transaction Criteria Min Max
Target Revenue 5 -
Target EBITDA 1 -
Investment Size 2 100
Enterprise Value - -
values in millions of GBP

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (11.0/yr) # 233 14 17 13 7 4 288
vol $5.8B $5.8B
Sell (8.8/yr) # 144 16 16 8 3 1 188
vol $7.1B $210M $496M $202M $8.0B
  476

Most Recent M&A

Company Date Value Type
The 55 Group Co. 2024-03-15 - Growth Capital
Hull, United Kingdom · www.the55group.co.uk
15below Ltd. 2024-03-01 - Growth Capital
Brighton, United Kingdom · www.15below.com
Uinsure Ltd. 2024-02-12 - Growth Capital
Manchester, United Kingdom · www.uinsure.co.uk
Kerv Group Ltd. 2024-01-25 - Secondary Sale
London, United Kingdom · www.kerv.com
Kick ICT Group Ltd. 2024-01-05 - Secondary Buyout
Bellshill, United Kingdom · www.kickict.co.uk
Asset Services Ltd. 2023-12-18 - Growth Capital
Ferndown, United Kingdom · www.message-direct.co.uk
Cakesmiths 2023-12-15 - Trade Sale
Bristol, United Kingdom · www.cakesmiths.com
Intelligent Services Group Ltd. 2023-10-24 - Secondary Sale
Newcastle upon Tyne, United Kingdom · www.iamproperty.com
Data Service Provider Global Ltd. 2023-09-26 - Secondary Buyout
London, United Kingdom · www.dsp.co.uk
Boston Energy Wind Power Services, Inc. 2023-07-07 - Growth Capital
Beverley, United Kingdom · www.bostonenergy.co.uk
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Lucida Group Ltd. 2021-01-01 Right Choice Insurance Brokers Ltd. 2021-05-01 1
Essex, United Kingdom · www.lucidagroup.com Essex, United Kingdom · www.rcib.co.uk
ELEY Group Ltd. 2014-10-06 Accles & Shelvoke Ltd. 2016-07-12 1
Sutton Coldfield, United Kingdom · www.eley.co.uk Sutton Coldfield, United Kingdom · www.acclesandshelvoke.co.uk
Equiom Group Ltd. 2013-09-16 Lloyds Trust Company (Channel Islands) Ltd. 2015-05-05 9
Douglas, United Kingdom · www.equiomgroup.com 25 New Street, Channel Islands
Lumibird SA 2000-07-01 Snell Ltd. 2014-03-12 1
Lannion, France · www.lumibird.com/en Lower Earley, Reading, United Kingdom · ww.snellgroup.com
Ramco Tubular Services 2013-03-19 Pipetech International AS 2014-03-01 1
Aberdeen, United Kingdom · www.ramcotubular.co.uk Stavanger, Norway · www.pipetech.no
IDH Group Ltd. 2011-01-27 Associated Dental Practices Ltd. 2012-01-27 2
Manchester, United Kingdom · www.mydentist.co.uk Reigate, United Kingdom · www.adp-dental.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 8 (9%) 31M (4%) 28 (10%) 270M (5%)
Information Technology 10 (11%) - 25 (9%) 1.0B (18%)
Software 4 (4%) - 21 (7%) 318M (6%)
Internet Software and Services 10 (11%) 38M (5%) 17 (6%) 192M (3%)
Media 2 (2%) - 14 (5%) 641M (11%)
Manufacturing 6 (7%) 195M (26%) 12 (4%) 273M (5%)
Healthcare Services 5 (6%) - 11 (4%) 268M (5%)
Leisure 6 (7%) 92M (12%) 9 (3%) 92M (2%)
Safety/Security 2 (2%) - 9 (3%) 38M (1%)
Food 2 (2%) - 8 (3%) -
Distribution 2 (2%) 35M (5%) 7 (2%) 194M (3%)
Medical Products 2 (2%) - 7 (2%) 140M (2%)
Consumer Products 2 (2%) 95M (13%) 7 (2%) 95M (2%)
Financial Services 3 (3%) - 7 (2%) 37M (1%)
Aerospace 1 (1%) - 7 (2%) 15M (< 1%)
Construction 1 (1%) - 7 (2%) 11M (< 1%)
Retail - - 6 (2%) 23M (< 1%)
Electrical Equipment - - 6 (2%) 16M (< 1%)
Building Materials - - 5 (2%) 454M (8%)
Staffing 2 (2%) 172M (23%) 5 (2%) 219M (4%)
Insurance 1 (1%) - 5 (2%) 103M (2%)
Transportation - - 5 (2%) 83M (1%)
Marketing 2 (2%) - 5 (2%) -
Communications 3 (3%) - 4 (1%) 154M (3%)
Education 2 (2%) - 4 (1%) 131M (2%)
Apparel/Textiles - - 4 (1%) 77M (1%)
Beverages 1 (1%) - 4 (1%) 74M (1%)
Electronics - - 4 (1%) 41M (1%)
Engineering 1 (1%) - 4 (1%) -
Packaging - - 3 (1%) 65M (1%)
Technology Hardware 1 (1%) - 3 (1%) 58M (1%)
Automotive 1 (1%) - 3 (1%) 12M (< 1%)
Energy Services and Equipment - - 3 (1%) -
Test/Measurement Equipment - - 2 (1%) 46M (1%)
Machinery - - 2 (1%) 38M (1%)
Plastics - - 2 (1%) 9M (< 1%)
Digital Media 2 (2%) - 2 (1%) -
E-Commerce 1 (1%) - 2 (1%) -
Information Services 1 (1%) - 2 (1%) -
Real Estate - - 2 (1%) -
Publishing - - 1 (< 1%) 269M (5%)
Environmental - - 1 (< 1%) 92M (2%)
Utilities - - 1 (< 1%) 80M (1%)
Restaurants 1 (1%) 77M (10%) 1 (< 1%) 77M (1%)
Consumer Services 1 (1%) 20M (3%) 1 (< 1%) 20M (< 1%)
Furniture 1 (1%) - 1 (< 1%) -
Gaming - - 1 (< 1%) -
Life Science 1 (1%) - 1 (< 1%) -
Oil/Gas Exploration 1 (1%) - 1 (< 1%) -
Total 89 $757M 292 $5.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 86 (97%) 661M (100%) 282 (97%) 4.4B (92%)
  Kansas 1 (1%) - 1 (< 1%) -
United States 2 (2%) - 6 (2%) 405M (8%)
  Texas - - 1 (< 1%) 405M (8%)
  New York - - 1 (< 1%) -
  New Jersey - - 1 (< 1%) -
  Minnesota - - 1 (< 1%) -
France 1 (1%) - 1 (< 1%) -
Germany - - 1 (< 1%) -
Netherlands - - 1 (< 1%) -
Domestic 86 (97%) 661M (100%) 282 (97%) 4.4B (92%)
Cross-border 3 (3%) - 9 (3%) 405M (8%)
Total 89 $661M 291 $4.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (7%) 172M (26%) 107 (37%) 1.2B (22%)
Growth Capital 53 (60%) - 92 (32%) 57M (1%)
Secondary Buyout 18 (20%) 243M (37%) 56 (19%) 2.3B (43%)
Divestiture 9 (10%) 246M (37%) 24 (8%) 1.5B (29%)
Stake Purchase 1 (1%) - 6 (2%) 77M (1%)
Consolidation 1 (1%) - 4 (1%) 111M (2%)
Merger 1 (1%) - 3 (1%) 80M (2%)
Total 89 $661M 292 $5.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 70 (37%) 3.2B (45%)
Trade Sale 58 (31%) 1.4B (20%)
Trade Sale - Public Company 40 (21%) 2.4B (34%)
Merger 7 (4%) 80M (1%)
IPO 5 (3%) -
Sold to Management 3 (2%) -
Bankruptcy 2 (1%) -
Recapitalization 1 (1%) -
Shut Down 1 (1%) -
Unknown 1 (1%) -
Total 188 $7.2B

Top M&A Advisors

Financial Deals
KPMG Corporate Finance LLC
 28
PwC Corporate Finance LLC
 9
Deloitte
 6
Legal Deals
Gateley Plc
 10
DLA Piper
 10
Addleshaw Goddard
 8

Deal Values

buy # Total
$100M to $1B 14 $3.2B
< $100M 55 $2.6B
TOTAL $5.8B
Largest National Exhibition Centre Group
$473M (2015-01-16)
sell # Total
$100M to $1B 32 $6.4B
< $100M 29 $1.5B
TOTAL $8.0B
Largest Apollo Property Services Group Ltd.
$631M (2007-08-01)

M&A Connections

Deals
Acquired from
Investor(s)
20%
57 (20%)
Strategic(s)
9%
26 (9%)
Exited to
Investor(s)
37%
70 (37%)
Strategic(s)
51%
96 (51%)

Investor Summary

Investor Type

Private Equity Firm

Size

Middle-Market

PE Assets

2.0B USD

Established

1981

Specialist/Generalist

Generalist

Leadership

Toby Rougier

Chief Executive

Steve Aston

Managing Partner

Yann Souillard

Managing Partner

John Garner

Managing Partner, National

Jonathan Bell

Managing Partner, North

FAQ

When was Lloyds TSB Development Capital Ltd. founded?

Lloyds TSB Development Capital Ltd. was founded in 1981.

What type of investor is Lloyds TSB Development Capital Ltd.?

Lloyds TSB Development Capital Ltd. is a private equity firm.

Where is Lloyds TSB Development Capital Ltd. headquartered?

Lloyds TSB Development Capital Ltd. is headquartered in London, United Kingdom.

How much capital does Lloyds TSB Development Capital Ltd. have under management?

Lloyds TSB Development Capital Ltd. has 2.0B USD under management.

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