Lloyds TSB Development Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Lloyds TSB Development Capital has acquired 16 companies. It has also invested in 45 others.

Lloyds TSB Development Capital’s most common sectors for investment arebusiness services (9%) and information technology (8%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (39%) and growth capital (30%). In total, Lloyds TSB Development Capital has invested in 5 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 51 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 Activity458
    • M&A Buy Activity274
    • M&A Sell Activity184
  • Total Sectors Invested 49
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 130
  • M&A Advisors 62

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (14.8/yr) # 200 14 19 14 17 10 274
vol $5.5B $112M $184M $5.8B
Sell (12.8/yr) # 120 13 11 16 16 8 184
vol $6.2B $719M $95M $210M $496M $202M $8.0B
  458

Most Recent M&A

Company Date Value Type
Littlefish Ltd. 2022-08-24 - Secondary Buyout
Nottingham, United Kingdom · www.littlefish.co.uk
TMC Pharma Services Ltd. 2022-08-24 - Stake Purchase
Hampshire, United Kingdom · www.tmcpharma.com
Industrial Workspace Specialists Ltd. 2022-08-19 - Growth Capital
Avon, United Kingdom · www.iws.group
Aqualisa Products Ltd. 2022-08-01 - Add-on Acquisition
Kent, United Kingdom · www.aqualisa.co.uk
Solid Solutions Management Ltd. 2022-06-27 - Add-on Acquisition
Warwickshire, United Kingdom · www.solidsolutions.co.uk
Cleveland Containers Ltd. 2022-06-27 - Growth Capital
Stockton-on-Tees, United Kingdom · www.clevelandcontainers.co.uk
Blis Media Ltd. 2022-06-21 - Secondary Buyout
London, United Kingdom · www.blis.com
Plimsoll Productions 2022-06-14 202M GBP Add-on Acquisition
Bristol, United Kingdom · www.plimsollproductions.com
Specialist People Services Group Ltd. 2022-04-07 - Secondary Buyout
Bradford, United Kingdom · www.spsgroup.uk.com
Cakesmiths 2022-03-28 - Growth Capital
Bristol, United Kingdom · www.cakesmiths.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Lucida Group Ltd. 2021-01-01 Right Choice Insurance Brokers Ltd. 2021-05-01 1
Essex, United Kingdom · www.lucidagroup.com Essex, United Kingdom · www.rcib.co.uk
ELEY Group 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
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 Tubular Services 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 5 (6%) 31M (4%) 25 (9%) 270M (5%)
Information Technology 6 (8%) - 20 (7%) 1.0B (18%)
Software 3 (4%) - 20 (7%) 318M (6%)
Media 3 (4%) 58M (7%) 14 (5%) 641M (11%)
Internet Software and Services 8 (10%) 38M (5%) 14 (5%) 192M (3%)
Manufacturing 6 (8%) 195M (24%) 12 (4%) 273M (5%)
Healthcare Services 5 (6%) - 11 (4%) 268M (5%)
Leisure 6 (8%) 92M (11%) 9 (3%) 92M (2%)
Safety/Security 2 (3%) - 9 (3%) 38M (1%)
Food 3 (4%) - 8 (3%) -
Distribution 2 (3%) 35M (4%) 7 (3%) 194M (3%)
Medical Products 2 (3%) - 7 (3%) 140M (2%)
Consumer Products 2 (3%) 95M (12%) 7 (3%) 95M (2%)
Financial Services 3 (4%) - 7 (3%) 37M (1%)
Aerospace 1 (1%) - 7 (3%) 15M (< 1%)
Retail - - 6 (2%) 23M (< 1%)
Electrical Equipment - - 6 (2%) 16M (< 1%)
Construction - - 6 (2%) 11M (< 1%)
Building Materials - - 5 (2%) 454M (8%)
Staffing 2 (3%) 172M (21%) 5 (2%) 219M (4%)
Insurance 1 (1%) - 5 (2%) 103M (2%)
Transportation - - 5 (2%) 83M (1%)
Marketing 2 (3%) - 5 (2%) -
Communications 3 (4%) - 4 (1%) 154M (3%)
Education 2 (3%) - 4 (1%) 131M (2%)
Apparel/Textiles - - 4 (1%) 77M (1%)
Beverages 1 (1%) - 4 (1%) 74M (1%)
Electronics - - 4 (1%) 41M (1%)
Engineering 1 (1%) - 4 (1%) -
Packaging - - 3 (1%) 65M (1%)
Technology Hardware 1 (1%) - 3 (1%) 58M (1%)
Automotive 1 (1%) - 3 (1%) 12M (< 1%)
Energy Services and Equipment - - 3 (1%) -
Test/Measurement Equipment - - 2 (1%) 46M (1%)
Machinery - - 2 (1%) 38M (1%)
Plastics - - 2 (1%) 9M (< 1%)
Digital Media 2 (3%) - 2 (1%) -
E-Commerce 1 (1%) - 2 (1%) -
Real Estate - - 2 (1%) -
Publishing - - 1 (< 1%) 269M (5%)
Environmental - - 1 (< 1%) 92M (2%)
Utilities - - 1 (< 1%) 80M (1%)
Restaurants 1 (1%) 77M (9%) 1 (< 1%) 77M (1%)
Consumer Services 1 (1%) 20M (2%) 1 (< 1%) 20M (< 1%)
Furniture 1 (1%) - 1 (< 1%) -
Gaming - - 1 (< 1%) -
Information Services - - 1 (< 1%) -
Life Science 1 (1%) - 1 (< 1%) -
Oil/Gas Exploration 1 (1%) - 1 (< 1%) -
Total 79 $814M 278 $5.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 77 (97%) 719M (100%) 269 (97%) 4.4B (92%)
  Kansas 1 (1%) - 1 (< 1%) -
United States 1 (1%) - 5 (2%) 405M (8%)
  Texas - - 1 (< 1%) 405M (8%)
  New York - - 1 (< 1%) -
  New Jersey - - 1 (< 1%) -
  Minnesota - - 1 (< 1%) -
France 1 (1%) - 1 (< 1%) -
Germany - - 1 (< 1%) -
Netherlands - - 1 (< 1%) -
Domestic 77 (97%) 719M (100%) 269 (97%) 4.4B (92%)
Cross-border 2 (3%) - 8 (3%) 405M (8%)
Total 79 $719M 277 $4.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (8%) 172M (24%) 107 (38%) 1.2B (22%)
Growth Capital 45 (57%) - 82 (29%) 57M (1%)
Secondary Buyout 15 (19%) 301M (42%) 52 (19%) 2.3B (43%)
Divestiture 9 (11%) 246M (34%) 24 (9%) 1.5B (29%)
Stake Purchase 1 (1%) - 6 (2%) 77M (1%)
Consolidation 2 (3%) - 4 (1%) 111M (2%)
Merger 1 (1%) - 3 (1%) 80M (2%)
Total 79 $719M 278 $5.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 67 (36%) 3.2B (45%)
Trade Sale 58 (32%) 1.4B (20%)
Trade Sale - Public Company 40 (22%) 2.4B (34%)
Merger 6 (3%) 80M (1%)
IPO 5 (3%) -
Sold to Management 3 (2%) -
Bankruptcy 2 (1%) -
Recapitalization 1 (1%) -
Shut Down 1 (1%) -
Unknown 1 (1%) -
Total 184 $7.2B

Top M&A Advisors

Financial Deals
KPMG Corporate Finance LLC
23
Deloitte
6
Daiwa Corporate Advisory Ltd. (DC Advisory)
5
Legal Deals
Gateley Plc
9
DLA Piper
9
Addleshaw Goddard LLP
7

Deal Values

buy # Total
$100M to $1B 14 $3.2B
< $100M 55 $2.6B
TOTAL $5.8B
Largest The NEC Group
$473M (2015-01-16)
sell # Total
$100M to $1B 32 $6.4B
< $100M 29 $1.5B
TOTAL $8.0B
Largest Apollo Property Services Group Ltd.
$631M (2007-08-01)

M&A Connections

Deals
Acquired from
Investor(s)
19%
52 (19%)
Strategic(s)
9%
26 (9%)
Exited to
Investor(s)
36%
67 (36%)
Strategic(s)
52%
95 (52%)

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