M&A Deal Summary

Lloyds TSB Development Capital Acquires Coal and Coke Merchants

On September 22, 2014, private equity firm Lloyds TSB Development Capital acquired environmental company Coal and Coke Merchants from Spirit Capital Partners and Maven Capital Partners for 60M GBP

Acquisition Highlights
  • This is Lloyds TSB Development Capital’s 1st transaction in the Environmental sector.
  • This is Lloyds TSB Development Capital’s 18th largest (disclosed) transaction.
  • This is Lloyds TSB Development Capital’s 150th transaction in the United Kingdom.
Investment Fate
  • Coal and Coke Merchants was sold to a consortium of financial buyers in 2020.

M&A Deal Summary
Date 2014-09-22
Target Coal and Coke Merchants
Sector Environmental
Buyer(s) Lloyds TSB Development Capital
Sellers(s) Spirit Capital Partners
Maven Capital Partners
Deal Type Secondary Buyout
Deal Value 60M GBP

Target

Coal and Coke Merchants

Harrogate, United Kingdom
website
Coal and Coke Merchants help public and private sector businesses understand and manage their environmental risks, reducing the impact to the environment, their operation and their reputation. Coal and Coke Merchants focus on consulting, preventing and responding to your environmental risks, so you can focus on your customers. Coal and Coke Merchants was founded in 1926 and is based in Harrogate, 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 158 of 292
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 25 of 56
Country (United Kingdom) 150 of 282
Year (2014) 12 of 16
Size (of disclosed) 18 of 69
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-16 Bullock Construction

West Midlands, United Kingdom

Bullock is a construction service provider in the social housing sector. Bullock Construction was founded in 1955 and is based in West Midlands, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-06 ELEY

Sutton Coldfield, United Kingdom

ELEY is manufacturer of .22LR rimfire ammunition. ELEY was founded in 1828 and is based in Sutton Coldfield, United Kingdom.

Buy £42M

Seller(S) 2

SELLER

Spirit Capital Partners

website

Category Private Equity Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Spirit Capital Partners is a private equity firm focused on lower middle-market, UK-based opportunities. Spirit Capital Partners was formed in 2008 and is based in Leeds.

DEAL STATS #
Overall 6 of 7
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 2 of 3
Country (United Kingdom) 6 of 7
Year (2014) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-02 Doosan Enpure

Birmingham, United Kingdom

Doosan Enpure Ltd. is a provider of water, wastewater, and sludge treatment solutions to the water industry worldwide.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-14 FMG Support

Huddersfield, United Kingdom

FMG Support provides a range of outsourced services to help its blue chip customers to manage the performance of their vehicle fleets, generating efficiencies and improving profitability.

Sell -
SELLER

Maven Capital Partners

Glasgow, United Kingdom

Investor Investor Investor Investor Investor

website

Category Asset Manager
Founded 2009
PE ASSETS 415M GBP
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Maven Capital Partners UK LLP (MCP) invests in lower mid-market companies throughout the UK. The Firm also provides mezzanine financing. MCP focuses on profitable companies with proven track records, balanced management teams, and diverse products and services. Maven looks to invest £2 - £10 million in businesses valued from £5 - £25 million. Sectors of interest include specialist manufacturing, health/pharmaceuticals, energy services, leisure, financial services, software and computer services, communication/IT, chemicals, food/beverage, media, consumer products, and support services. Types of transactions include MBOs, MBIs, BIMBOs, take privates, recapitalizations, and growth capital financings. Maven Capital Partners UK LLP was formed in 2009, following a management buyout of Aberdeen Asset Management's Private Equity division. Maven is based in Glasgow with additional offices in Aberdeen, Birmingham, Edinburgh, London and Manchester.

DEAL STATS #
Overall 8 of 56
Sector (Environmental) 1 of 2
Type (Secondary Buyout) 3 of 15
Country (United Kingdom) 7 of 54
Year (2014) 4 of 7
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-23 Arch

Manchester, United Kingdom

Arch is a provider of outsourced chromatography-based analytical services, knowledge, and products to the laboratory research and testing sector. Arch Sciences is based in Manchester, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-03 Pentagon Chemicals

United Kingdom

Pentagon is a UK based contract chemical manufacturer, producing organic intermediates for use in the life science, petrochemical and speciality chemicals markets.

Sell -
Mergr

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