Lloyds TSB Development Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Lloyds TSB Development Capital has acquired 28 companies. It has also invested in 22 others.

Lloyds TSB Development Capital’s most common sectors for investment are business services (13%) and software (10%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (48%) and secondary buyout (20%). In total, Lloyds TSB Development Capital has invested in 3 US states and 5 different countries. Its largest (disclosed) acquisition occurred in 2015 when it acquired The NEC Group for $473M.

In the last 3 years, Lloyds TSB Development Capital has exited 37 companies. The Firm’s most common exit type is trade sale (49%). 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 Activity372
    • M&A Buy Activity238
    • M&A Sell Activity134
  • Total Sectors Invested 48
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 103
  • M&A Advisors 56

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (12.0/yr) # 178 12 14 11 16 7 238
vol $4.8B $514M $490M $92M $538M $6.4B
Sell (9.6/yr) # 86 11 11 12 8 6 134
vol $5.6B $528M $38M $638M $95M $139M $7.1B
  372

Most Recent M&A

Company Date Value Type
Panther Warehousing Plc 2020-11-24 - Add-on Acquisition
Northampton, United Kingdom · www.panthergroup.co.uk
Ross Trustees Services Ltd. 2020-11-23 - Growth Capital
London, United Kingdom · www.rosstrustees.com
Babble Cloud Ltd. 2020-11-10 139M GBP Secondary Buyout
London, United Kingdom · www.babble.cloud
Addo Food Group 2020-11-09 - Secondary Buyout
Nottingham, United Kingdom · www.addofoodgroup.com
Rhino Products Ltd. 2020-11-02 - Growth Capital
Ellesmere Port, United Kingdom · www.rhinoproducts.co.uk
Ellis Whittam Ltd. 2020-10-29 - Add-on Acquisition
Aldford, United Kingdom · www.elliswhittam.com
Mitrefinch Ltd. 2020-10-16 - Add-on Acquisition
York, United Kingdom · www.mitrefinch.co.uk
Beekman Associates LLC 2020-09-07 - Growth Capital
New York, New York · www.rightspend.com
Aker Systems Ltd. 2020-07-20 - Growth Capital
Bicester, United Kingdom · www.akersystems.com
James and James Fulfilment Ltd. 2020-03-16 - Growth Capital
Northampton, United Kingdom · www.ecommercefulfilment.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Onecom Ltd. 2019-07-22 Nice Network 2020-11-11 2
Fareham, United Kingdom · www.onecom.co.uk Sunderland, United Kingdom · www.nicenetwork.uk
MSQ Partners 2019-05-16 Be Heard Group plc 2020-09-02 1
London, United Kingdom · www.msqpartners.com London, United Kingdom · www.beheardpartnership.com
Onecom Ltd. 2019-07-22 Glamorgan Telecom Ltd. 2020-08-13 1
Fareham, United Kingdom · www.onecom.co.uk Cardiff, United Kingdom · www.glamorgantelecom.co.uk
Fishawack Communications Ltd. 2017-01-25 Skysis LLC 2020-04-09 7
Cheshire, United Kingdom · www.fishawack.com Scottsdale, Arizona · www.skysis.com
Eque2 Ltd. 2017-11-10 CLiP IT Solutions Ltd. 2019-11-07 2
Manchester, United Kingdom · www.eque2.co.uk Somerset, United Kingdom · www.clipitsolutions.co.uk
Fishawack Communications Ltd. 2017-01-25 2e Creative, Inc. 2019-08-02 6
Cheshire, United Kingdom · www.fishawack.com Saint Louis, Missouri · www.2ecreative.com
Fishawack Communications Ltd. 2017-01-25 Dudnyk, Inc. 2019-03-21 5
Cheshire, United Kingdom · www.fishawack.com Horsham, Pennsylvania · www.dudnyk.com
Equiom Trust Co. Ltd. 2013-09-16 HOLT Consultancy Ltd. 2018-12-20 9
Douglas, United Kingdom · www.equiom.im Dubai, United Arab Emirates · www.holtconsultancy.com
Fishawack Communications Ltd. 2017-01-25 Blue Latitude Health 2018-12-10 4
Cheshire, United Kingdom · www.fishawack.com London, United Kingdom · www.bluelatitude.com
Equiom Trust Co. Ltd. 2013-09-16 Comptabilité Xen, Inc. 2018-11-14 8
Douglas, United Kingdom · www.equiom.im Montreal, Quebec · www.xenaccounting.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 15 (14%) 166M (6%) 31 (13%) 433M (7%)
Software 12 (11%) 69M (3%) 22 (9%) 434M (7%)
Information Technology 6 (6%) 377M (15%) 13 (5%) 1.1B (18%)
Media 6 (6%) 181M (7%) 13 (5%) 764M (12%)
Internet Software and Services 3 (3%) 148M (6%) 8 (3%) 302M (5%)
Manufacturing 6 (6%) 195M (7%) 8 (3%) 273M (4%)
Financial Services 4 (4%) - 8 (3%) 37M (1%)
Healthcare Services 4 (4%) - 7 (3%) 209M (3%)
Leisure 5 (5%) 92M (4%) 7 (3%) 92M (1%)
Safety/Security 1 (1%) 38M (1%) 7 (3%) 38M (1%)
Transportation 4 (4%) 269M (10%) 6 (2%) 353M (6%)
Distribution 3 (3%) - 6 (2%) 159M (3%)
Medical Products 2 (2%) - 6 (2%) 140M (2%)
Retail 1 (1%) 18M (1%) 6 (2%) 23M (< 1%)
Electrical Equipment 2 (2%) - 6 (2%) 16M (< 1%)
Construction 3 (3%) - 6 (2%) 11M (< 1%)
Food 2 (2%) - 6 (2%) -
Building Materials 1 (1%) 431M (17%) 5 (2%) 454M (7%)
Communications 4 (4%) 154M (6%) 5 (2%) 154M (2%)
Apparel/Textiles 2 (2%) 62M (2%) 5 (2%) 139M (2%)
Aerospace - - 5 (2%) 15M (< 1%)
Engineering 4 (4%) - 5 (2%) -
Insurance 1 (1%) - 4 (2%) 103M (2%)
Consumer Products 1 (1%) - 4 (2%) -
Staffing 3 (3%) 219M (8%) 3 (1%) 219M (4%)
Beverages 1 (1%) - 3 (1%) 74M (1%)
Technology Hardware 1 (1%) - 3 (1%) 58M (1%)
Electronics - - 3 (1%) 41M (1%)
Automotive 1 (1%) - 3 (1%) 12M (< 1%)
Energy Services and Equipment - - 3 (1%) -
Education - - 2 (1%) 131M (2%)
Packaging - - 2 (1%) 65M (1%)
Test/Measurement Equipment - - 2 (1%) 46M (1%)
Machinery - - 2 (1%) 38M (1%)
Information Services 1 (1%) - 2 (1%) -
Real Estate 1 (1%) - 2 (1%) -
Environmental 1 (1%) 92M (4%) 1 (< 1%) 92M (1%)
Restaurants 1 (1%) 77M (3%) 1 (< 1%) 77M (1%)
Marketing - - 1 (< 1%) 54M (1%)
Plastics 1 (1%) 9M (< 1%) 1 (< 1%) 9M (< 1%)
Consumer Services - - 1 (< 1%) -
Digital Media 1 (1%) - 1 (< 1%) -
E-Commerce - - 1 (< 1%) -
Gaming - - 1 (< 1%) -
Life Science 1 (1%) - 1 (< 1%) -
Marine 1 (1%) - 1 (< 1%) -
Oil/Gas Exploration 1 (1%) - 1 (< 1%) -
Publishing 1 (1%) - 1 (< 1%) -
Total 108 $2.6B 241 $6.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 102 (94%) 2.3B (96%) 231 (96%) 4.7B (90%)
United States 2 (2%) 62M (3%) 5 (2%) 467M (9%)
  Texas 1 (1%) 62M (3%) 2 (1%) 467M (9%)
  New York 1 (1%) - 2 (1%) -
  Minnesota - - 1 (< 1%) -
Netherlands 2 (2%) 31M (1%) 2 (1%) 31M (1%)
Germany 1 (1%) - 1 (< 1%) -
India 1 (1%) - 1 (< 1%) -
Domestic 102 (94%) 2.3B (96%) 231 (96%) 4.7B (90%)
Cross-border 6 (6%) 93M (4%) 9 (4%) 498M (10%)
Total 108 $2.4B 240 $5.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 38 (35%) 671M (26%) 115 (48%) 1.8B (30%)
Secondary Buyout 27 (25%) 1.4B (55%) 48 (20%) 2.3B (38%)
Growth Capital 30 (28%) - 46 (19%) 57M (1%)
Divestiture 9 (8%) 412M (16%) 22 (9%) 1.6B (26%)
Stake Purchase 3 (3%) - 7 (3%) 77M (1%)
Merger 1 (1%) 80M (3%) 2 (1%) 80M (1%)
Consolidation - - 1 (< 1%) 111M (2%)
Total 108 $2.6B 241 $6.1B

Exits by Deal Type

Type Total # Value
Secondary Sale 51 (38%) 3.2B (48%)
Trade Sale 37 (28%) 1.1B (16%)
Trade Sale - Public Company 35 (26%) 2.3B (35%)
Merger 4 (3%) 80M (1%)
IPO 2 (1%) -
Sold to Management 2 (1%) -
Recapitalization 1 (1%) -
Sold to Existing Investors 1 (1%) -
Unknown 1 (1%) -
Total 134 $6.6B

Top M&A Advisors

Financial Deals
KPMG Corporate Finance LLC
17
Deloitte
5
Rothschild Global Advisory
4
Legal Deals
Gateley Plc
8
DLA Piper
7
Addleshaw Goddard LLP
7

Deal Values

buy # Total
$100M to $1B 19 $3.8B
< $100M 56 $2.6B
TOTAL $6.4B
Largest The NEC Group
$473M (2015-01-16)
sell # Total
$100M to $1B 29 $5.8B
< $100M 25 $1.3B
TOTAL $7.1B
Largest Apollo Property Services Group Ltd.
$631M (2007-08-01)

M&A Connections

Deals %
Acquired from
PE Firm(s)
68%
51 68%
Strategic(s)
32%
24 32%
Exited to
PE Firm(s)
43%
53 43%
Strategic(s)
57%
69 57%

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