Lloyds TSB Development Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Lloyds TSB Development Capital has acquired 21 companies. It has also invested in 19 others.

Lloyds TSB Development Capital’s most common sectors for investment are business services (13%) and software (9%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (48%) and growth capital (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 32 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 Activity383
    • M&A Buy Activity243
    • M&A Sell Activity140
  • Total Sectors Invested 48
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 107
  • 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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (10.4/yr) # 191 14 12 16 9 1 243
vol $5.3B $490M $92M $538M $6.4B
Sell (8.6/yr) # 97 11 12 8 10 2 140
vol $6.2B $38M $638M $95M $210M $323M $7.5B
  383

Most Recent M&A

Company Date Value Type
ADEY Innovation Ltd. 2021-02-11 323M GBP Add-on Acquisition
Stonehouse, United Kingdom · www.adey.com
Computers In Personnel Ltd. 2021-01-18 - Secondary Buyout
Marlow, United Kingdom · www.ciphr.com
Omniplex (Group) Ltd. 2021-01-05 - Growth Capital
Harpenden, United Kingdom · www.omniplex.co
Tes Global’s Supply Agencies 2020-12-23 - Divestiture
London, United Kingdom
Texthelp Ltd. 2020-12-16 - Secondary Buyout
Antrim, United Kingdom · www.texthelp.com
Eque2 Ltd. 2020-12-14 72M GBP Secondary Buyout
Maidenhead, United Kingdom · www.eque2.co.uk
SSP Ltd. 2020-12-10 - Add-on Acquisition
Halifax, United Kingdom · www.ssp-worldwide.com
Foundation SP Ltd. 2020-12-02 - Growth Capital
Reading, United Kingdom · www.foundation-sp.com
NBS Enterprises Ltd. 2020-11-27 - Add-on Acquisition
Newcastle upon Tyne, United Kingdom · www.thenbs.com
Panther Warehousing Plc 2020-11-24 - Add-on Acquisition
Northampton, United Kingdom · www.panthergroup.co.uk
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Onecom Ltd. 2019-07-22 Olive Communications Ltd. 2021-02-11 3
Fareham, United Kingdom · www.onecom.co.uk High Wycombe, United Kingdom · www.olive.co.uk
Bluestone Group Ltd. 2014-01-28 Bluestone Holdings (Australia) Pty Ltd. 2018-02-27 1
Cambridge, United Kingdom · www.bluestone.co.uk Sydney, Australia · www.bluestone.com.au
ELEY 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 Trust Co. Ltd. 2013-09-16 Lloyds Trust Company (Channel Islands) Ltd. 2015-05-05 9
Douglas, United Kingdom · www.equiom.im 25 New Street, Channel Islands
Lumibird SA 2000-07-01 Snell Ltd. 2014-03-12 1
Lannion, United Kingdom · www.lumibird.com/en Lower Earley, Reading, United Kingdom · ww.snellgroup.com
Ramco Oil Services Ltd. 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 15 (14%) 166M (7%) 31 (13%) 433M (7%)
Software 9 (8%) 69M (3%) 22 (9%) 434M (7%)
Information Technology 6 (6%) 58M (3%) 15 (6%) 1.1B (18%)
Media 6 (6%) 181M (8%) 13 (5%) 764M (12%)
Internet Software and Services 4 (4%) 148M (7%) 9 (4%) 302M (5%)
Manufacturing 6 (6%) 195M (9%) 9 (4%) 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 (2%) 7 (3%) 38M (1%)
Transportation 4 (4%) 269M (12%) 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 (19%) 5 (2%) 454M (7%)
Communications 4 (4%) 154M (7%) 5 (2%) 154M (2%)
Apparel/Textiles 2 (2%) 62M (3%) 5 (2%) 139M (2%)
Aerospace - - 5 (2%) 15M (< 1%)
Engineering 4 (4%) - 5 (2%) -
Staffing 4 (4%) 219M (10%) 4 (2%) 219M (4%)
Insurance 1 (1%) - 4 (2%) 103M (2%)
Consumer Products 1 (1%) - 4 (2%) -
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 107 $2.3B 246 $6.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 101 (94%) 2.0B (96%) 236 (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 101 (94%) 2.0B (96%) 236 (96%) 4.7B (90%)
Cross-border 6 (6%) 93M (4%) 9 (4%) 498M (10%)
Total 107 $2.1B 245 $5.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 38 (36%) 671M (30%) 116 (47%) 1.8B (30%)
Growth Capital 30 (28%) - 49 (20%) 57M (1%)
Secondary Buyout 25 (23%) 1.1B (49%) 48 (20%) 2.3B (38%)
Divestiture 10 (9%) 412M (18%) 23 (9%) 1.6B (26%)
Stake Purchase 3 (3%) - 7 (3%) 77M (1%)
Merger 1 (1%) 80M (4%) 2 (1%) 80M (1%)
Consolidation - - 1 (< 1%) 111M (2%)
Total 107 $2.3B 246 $6.1B

Exits by Deal Type

Type Total # Value
Secondary Sale 54 (39%) 3.2B (48%)
Trade Sale 39 (28%) 1.1B (16%)
Trade Sale - Public Company 36 (26%) 2.3B (34%)
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 140 $6.7B

Top M&A Advisors

Financial Deals
KPMG Corporate Finance LLC
17
Deloitte
6
Daiwa Corporate Advisory Ltd. (DC Advisory)
5
Legal Deals
Addleshaw Goddard LLP
8
Gateley Plc
8
DLA Piper
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 30 $6.1B
< $100M 26 $1.4B
TOTAL $7.5B
Largest Apollo Property Services Group Ltd.
$631M (2007-08-01)

M&A Connections

Deals
Acquired from
Investor(s)
19%
47 (19%)
Strategic(s)
10%
25 (10%)
Exited to
Investor(s)
39%
54 (39%)
Strategic(s)
51%
71 (51%)

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