Lloyds TSB Development Capital Mergers and Acquisitions Summary

Profile

In the last 3 years, Lloyds TSB Development Capital has acquired 22 companies. It has also invested in 24 others.

Lloyds TSB Development Capital’s most common sectors for investment arebusiness services (14%) and software (9%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (47%) and growth capital (21%). 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 41 companies. The Firm’s most common exit type is trade sale (50%). 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 Activity402
    • M&A Buy Activity251
    • M&A Sell Activity151
  • Total Sectors Invested 47
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 113
  • M&A Advisors 57

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 (11.8/yr) # 192 15 12 17 9 6 251
vol $5.3B $490M $92M $538M $6.4B
Sell (10.4/yr) # 99 11 12 8 10 11 151
vol $6.2B $38M $638M $95M $210M $496M $7.6B
  402

Most Recent M&A

Company Date Value Type
SMH Fleet Solutions Ltd. 2021-09-15 108M GBP Add-on Acquisition
Worcester, United Kingdom · www.smhfleet.com
REAL Digital International Ltd. 2021-09-01 - Growth Capital
Surrey, United Kingdom · www.real-digital.co.uk
Pelsis Ltd. 2021-08-05 - Secondary Buyout
Knaresborough, United Kingdom · www.pelsis.com
Sigmat 2021-08-04 - Add-on Acquisition
Skipton, United Kingdom · www.sigmat.co.uk
OnApp Ltd. 2021-07-20 - Add-on Acquisition
London, United Kingdom · www.onapp.com
Hybrid News Ltd. 2021-06-21 - Growth Capital
Bristol, United Kingdom · www.hybrid.co
Away Resorts Ltd. 2021-06-14 - Secondary Buyout
Hemel Hempstead, United Kingdom · www.away-resorts.com
Magicard Ltd. 2021-05-21 65M GBP Add-on Acquisition
Dorset, United Kingdom · www.magicard.com
Headland PR Consultancy LLP 2021-05-10 - Growth Capital
London, United Kingdom · www.headlandconsultancy.com
Kee Safety Ltd. 2021-04-07 - Sold to Management
West Midlands, United Kingdom · www.keesafetygroup.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Onecom Ltd. 2019-07-22 Olive Communications Ltd. 2021-02-11 4
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, France · 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 (15%) 128M (7%) 35 (14%) 395M (6%)
Software 8 (8%) 69M (4%) 21 (8%) 434M (7%)
Information Technology 7 (7%) 58M (3%) 16 (6%) 1.1B (18%)
Media 6 (6%) 181M (10%) 13 (5%) 764M (12%)
Internet Software and Services 5 (5%) 148M (8%) 11 (4%) 302M (5%)
Manufacturing 5 (5%) 195M (11%) 8 (3%) 273M (4%)
Healthcare Services 4 (4%) - 7 (3%) 209M (3%)
Distribution 3 (3%) - 7 (3%) 159M (3%)
Leisure 4 (4%) 92M (5%) 7 (3%) 92M (2%)
Safety/Security - - 7 (3%) 38M (1%)
Financial Services 4 (4%) - 7 (3%) 37M (1%)
Construction 3 (3%) - 7 (3%) 11M (< 1%)
Building Materials 1 (1%) - 6 (2%) 454M (7%)
Transportation 3 (3%) 269M (15%) 6 (2%) 353M (6%)
Medical Products 1 (1%) - 6 (2%) 140M (2%)
Retail 1 (1%) 18M (1%) 6 (2%) 23M (< 1%)
Electrical Equipment 1 (1%) - 6 (2%) 16M (< 1%)
Food 2 (2%) - 6 (2%) -
Communications 4 (4%) 154M (9%) 5 (2%) 154M (3%)
Apparel/Textiles 2 (2%) 62M (4%) 5 (2%) 139M (2%)
Aerospace - - 5 (2%) 15M (< 1%)
Engineering 4 (4%) - 5 (2%) -
Insurance 1 (1%) - 4 (2%) 103M (2%)
Electronics - - 4 (2%) 41M (1%)
Consumer Products - - 4 (2%) -
Staffing 3 (3%) 219M (12%) 3 (1%) 219M (4%)
Beverages 1 (1%) - 3 (1%) 74M (1%)
Automotive 1 (1%) - 3 (1%) 12M (< 1%)
Energy Services and Equipment - - 3 (1%) -
Education - - 2 (1%) 131M (2%)
Packaging - - 2 (1%) 65M (1%)
Technology Hardware - - 2 (1%) 58M (1%)
Marketing 1 (1%) - 2 (1%) 54M (1%)
Test/Measurement Equipment - - 2 (1%) 46M (1%)
Machinery - - 2 (1%) 38M (1%)
Plastics - - 2 (1%) 9M (< 1%)
Digital Media 2 (2%) - 2 (1%) -
Information Services 1 (1%) - 2 (1%) -
Real Estate 1 (1%) - 2 (1%) -
Environmental 1 (1%) 92M (5%) 1 (< 1%) 92M (2%)
Restaurants 1 (1%) 77M (4%) 1 (< 1%) 77M (1%)
Consumer Services - - 1 (< 1%) -
E-Commerce - - 1 (< 1%) -
Gaming - - 1 (< 1%) -
Marine 1 (1%) - 1 (< 1%) -
Oil/Gas Exploration 1 (1%) - 1 (< 1%) -
Publishing 1 (1%) - 1 (< 1%) -
Total 99 $1.8B 254 $6.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 93 (94%) 1.6B (94%) 244 (96%) 4.7B (90%)
United States 2 (2%) 62M (4%) 5 (2%) 467M (9%)
  Texas 1 (1%) 62M (4%) 2 (1%) 467M (9%)
  New York 1 (1%) - 2 (1%) -
  Minnesota - - 1 (< 1%) -
Netherlands 2 (2%) 31M (2%) 2 (1%) 31M (1%)
France 1 (1%) - 1 (< 1%) -
Germany 1 (1%) - 1 (< 1%) -
Domestic 93 (94%) 1.6B (94%) 244 (96%) 4.7B (90%)
Cross-border 6 (6%) 93M (6%) 9 (4%) 498M (10%)
Total 99 $1.7B 253 $5.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 32 (32%) 624M (36%) 118 (46%) 1.8B (30%)
Growth Capital 30 (30%) - 53 (21%) 57M (1%)
Secondary Buyout 23 (23%) 673M (38%) 49 (19%) 2.3B (38%)
Divestiture 9 (9%) 374M (21%) 23 (9%) 1.6B (26%)
Stake Purchase 4 (4%) - 8 (3%) 77M (1%)
Merger 1 (1%) 80M (5%) 2 (1%) 80M (1%)
Consolidation - - 1 (< 1%) 111M (2%)
Total 99 $1.8B 254 $6.1B

Exits by Deal Type

Type Total # Value
Secondary Sale 58 (38%) 3.2B (47%)
Trade Sale 44 (29%) 1.1B (17%)
Trade Sale - Public Company 37 (25%) 2.4B (35%)
Merger 4 (3%) 80M (1%)
Sold to Management 3 (2%) -
IPO 2 (1%) -
Recapitalization 1 (1%) -
Sold to Existing Investors 1 (1%) -
Unknown 1 (1%) -
Total 151 $6.9B

Top M&A Advisors

Financial Deals
KPMG Corporate Finance LLC
19
Deloitte
6
Rothschild Global Advisory
5
Legal Deals
DLA Piper
9
Gateley Plc
9
Addleshaw Goddard LLP
8

Deal Values

buy # Total
$100M to $1B 19 $3.8B
< $100M 55 $2.6B
TOTAL $6.4B
Largest The NEC Group
$473M (2015-01-16)
sell # Total
$100M to $1B 31 $6.2B
< $100M 27 $1.4B
TOTAL $7.6B
Largest Apollo Property Services Group Ltd.
$631M (2007-08-01)

M&A Connections

Deals
Acquired from
Investor(s)
19%
49 (19%)
Strategic(s)
10%
25 (10%)
Exited to
Investor(s)
38%
58 (38%)
Strategic(s)
51%
77 (51%)

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