LGV Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, LGV Capital has invested in 1 company.

LGV Capital’s most common sectors for investment are leisure (21%) and healthcare services (17%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (50%) and secondary buyout (21%). In total, LGV Capital has invested in 1 US state and 3 different countries. Its largest (disclosed) acquisition occurred in 2012 when it acquired Novus Leisure for $154M.

The Firm’s most common exit type is secondary buyout (67%). LGV Capital’s largest (disclosed) exit occurred in 2006 when it sold Casual Dining Group for $665M.

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M&A Summary

  • M&A Total Activity42
    • M&A Buy Activity24
    • M&A Sell Activity18
  • Total Sectors Invested 13
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 7
  • M&A Advisors 4

LGV Capital Ltd.

One Coleman Street,
London, EC2R 5AA
United Kingdom
020 3124 2000
www.legalandgeneralcapital.com/our-investments/list-of-investments/lgv-capital.html

LGV Capital Ltd is the private equity arm of Legal & General Group plc, an FTSE-100 quoted insurance firm that invests in middle market consumer, healthcare, leisure and services companies headquartered in the British Isles. LGV focuses on buyouts of rapidly growing, profitable companies with defensible market positions and strong management. LGV looks to invest £15 million in businesses valued from £25 to £200 million. The Firm targets companies in specialist retail, consumer services, food/beverages, household, personal care/OTC products, luxury branded goods, residential care, education, life sciences, animal health, pubs, restaurants, caravan parks, spas, recreational facilities, consultancy, outsourcing, human capital, logistics, IT services and facilities managements. LGV Capital Ltd was formerly known as Legal & General Ventures. LGV was formed in 1989 and is based in London.


Investment Criteria

Sectors of Interest: Beverages, Business Services, Consumer Products, Consumer Services, Distribution, Education, Food, Healthcare Services, Information Technology, Infrastructure, Leisure, Life Science, Manufacturing, Real Estate, Restaurants, Retail, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI)

Geographic Preferences: United Kingdom, Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 15 -
Enterprise Value 25 200
values in millions of GBP

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.2/yr) # 23 - 1 - - - 24
vol $851M $851M
Sell (0.0/yr) # 18 - - - - - 18
vol $3.0B $3.0B
  42

Most Recent M&A

Company Date Value Type
WiredScore 2018-10-23 - Growth Capital
New York, New York · www.wiredscore.com
The Liberation Group 2016-07-06 182M GBP Secondary Buyout
Saint Helier, Channel Islands · www.liberationgroup.com
ABI (UK) Ltd. 2016-05-20 - Secondary Buyout
Beverley, United Kingdom · www.abiuk.co.uk
Air Energi Group Ltd. 2016-01-29 - Merger
Manchester, United Kingdom · www.airenergi.com
Airswift Holdings Ltd. 2016-01-29 - Consolidation
Royal Leamington Spa, United Kingdom · www.airswift.com
Snow and Rock Sports 2015-06-01 - Add-on Acquisition
, United Kingdom · www.snowandrock.com
Amber Taverns Ltd. 2014-06-02 123M GBP Secondary Buyout
Blackpool, United Kingdom · www.ambertaverns.co.uk
Air Energi Group Ltd. 2012-10-26 - Secondary Buyout
Manchester, United Kingdom · www.airenergi.com
Novus Leisure Ltd. 2012-07-27 154M GBP Buyout (LBO, MBO, MBI)
London, United Kingdom · www.novusleisure.com
ABI (UK) Ltd. 2011-11-17 - Buyout (LBO, MBO, MBI)
Beverley, United Kingdom · www.abiuk.co.uk
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Airswift Holdings Ltd. 2016-01-29 Air Energi Group Ltd. 2016-01-29 2
Royal Leamington Spa, United Kingdom · www.airswift.com Manchester, United Kingdom · www.airenergi.com
Airswift Holdings Ltd. 2016-01-29 Swift Technical Group Ltd. (Swift Worldwide Resources) 2016-01-29 1
Royal Leamington Spa, United Kingdom · www.airswift.com Enfield, United Kingdom · www.swiftworldwideresources.com

M&A by Sector

Sector Current # Value All-time # Value
Leisure 1 (25%) 154M (100%) 5 (21%) 242M (28%)
Healthcare Services 1 (25%) - 4 (17%) 131M (15%)
Restaurants - - 3 (13%) 132M (16%)
Consumer Services - - 2 (8%) 123M (14%)
Staffing 1 (25%) - 2 (8%) -
Distribution - - 1 (4%) 131M (15%)
Machinery - - 1 (4%) 92M (11%)
Business Services - - 1 (4%) -
Construction - - 1 (4%) -
Consumer Products - - 1 (4%) -
Information Technology 1 (25%) - 1 (4%) -
Retail - - 1 (4%) -
Test/Measurement Equipment - - 1 (4%) -
Total 4 $154M 24 $851M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 3 (75%) 154M (100%) 22 (92%) 720M (100%)
United States 1 (25%) - 1 (4%) -
  New York 1 (25%) - 1 (4%) -
Channel Islands - - 1 (4%) -
Domestic 3 (75%) 154M (100%) 22 (92%) 720M (100%)
Cross-border 1 (25%) - 2 (8%) -
Total 4 $154M 24 $720M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 1 (25%) 154M (100%) 12 (50%) 500M (69%)
Secondary Buyout - - 5 (21%) 132M (18%)
Consolidation 1 (25%) - 2 (8%) -
Divestiture 1 (25%) - 2 (8%) -
Going Private - - 1 (4%) 88M (12%)
Acquisition Financing - - 1 (4%) -
Growth Capital 1 (25%) - 1 (4%) -
Total 4 $154M 24 $720M

Exits by Deal Type

Type Total # Value
Secondary Sale 12 (67%) 2.4B (80%)
Trade Sale 3 (17%) 416M (14%)
Divestiture 1 (6%) 182M (6%)
Merger 1 (6%) -
Trade Sale - Public Company 1 (6%) -
Total 18 $3.0B

Top M&A Advisors

Financial Deals
Rothschild Global Advisory
 1
Canaccord Genuity Corp.
 1
Legal Deals
Ashurst LLP
 1
CMS Legal Services EEIG
 1

Deal Values

buy # Total
$100M to $1B 5 $671M
< $100M 2 $180M
TOTAL $851M
Largest Novus Leisure Ltd.
$154M (2012-07-27)
sell # Total
$100M to $1B 10 $3.0B
TOTAL $3.0B
Largest Casual Dining Group Ltd.
$665M (2006-12-18)

M&A Connections

Deals
Acquired from
Investor(s)
86%
6 (86%)
Strategic(s)
14%
1 (14%)
Exited to
Investor(s)
82%
14 (82%)
Strategic(s)
18%
3 (18%)

Investor Summary

Size

Large

PE Assets

1.6B GBP

Established

1989

Specialist/Generalist

Generalist

Leadership

Kevin Whitaker

CEO of CALA Group

Kerrigan Procter

CEO, Legal & General Capital

Rosie Toogood

CEO, Legal & General Modular Homes

Phil Bayliss

CEO of Later Living

Stephen Halliwell

CFO

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