M&A Deal Summary

NatWest Group and Alcentra Acquire Mountain Warehouse

On November 4, 2013, NatWest Group and Alcentra acquired apparel/textiles company Mountain Warehouse from Lloyds TSB Development Capital for 85M GBP

Acquisition Highlights
  • This is NatWest Group’s 1st and Alcentra’s 1st transaction in the Apparel/Textiles sector.
  • This is NatWest Group’s 4th and Alcentra’s 0th largest (disclosed) transaction.
  • This is NatWest Group’s 7th and Alcentra’s 1st transaction in the United Kingdom.

M&A Deal Summary
Date 2013-11-04
Target Mountain Warehouse
Sector Apparel/Textiles
Buyer(s) NatWest Group
Alcentra
Sellers(s) Lloyds TSB Development Capital
Deal Type Add-on Acquisition
Deal Value 85M GBP
Advisor(s) Wragge Lawrence Graham & Co LLP (Legal)

Target

Mountain Warehouse

London, United Kingdom
Mountain Warehouse operates retail stores that offer outdoor clothing, footwear, and accessories for men, women, and kids. Mountain Warehouse was founded in 1997 and is based in London, United Kingdom.

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Buyer(S) 2

Buyer

NatWest Group

Edinburgh, United Kingdom
Category Company
Founded 1727
Sector Financial Services
Employees61,857
Revenue 14.8B GBP (2023)
DESCRIPTION

NatWest Group provides support to customers to manage their finances and do business. NatWest Group was founded in 1727 and is based in Edinburgh, the United Kingdom.

DEAL STATS #
Overall 9 of 12
Sector (Apparel/Textiles) 1 of 1
Type (Add-on Acquisition) 5 of 6
Country (United Kingdom) 7 of 10
Year (2013) 1 of 1
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-24 7city Group

London, United Kingdom

7city Group Ltd. is a global training provider primarily servicing the financial services industry.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-09 Royal North Shore Hospital

St Leonards, Australia

Royal North Shore Hospital is a provider of healthcare services.

Sell -
Buyer

Alcentra

London, United Kingdom
Category Company
Founded 2002
Sector Financial Services
DESCRIPTION

Alcentra is the largest and longest-tenured manager of private debt with $38 billion in assets under management as of April 30, 2022 (including accounts managed by Alcentra NY, LLC, Alcentra Limited, and assets managed by Alcentra personnel for affiliates under dual officer arrangements). Alcentra was founded in 2002 and is headquartered in London, United Kingdom.

DEAL STATS #
Overall 1 of 2
Sector (Apparel/Textiles) 1 of 1
Type (Add-on Acquisition) 1 of 2
Country (United Kingdom) 1 of 2
Year (2013) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-25 Lifetime

Bristol, United Kingdom

Lifetime is a vocational training provider, offers pre-employment training, Apprenticeship programmes and training courses to over 15,000 people a year nationwide in the fitness, retail, care and hospitality sectors. Lifetime was founded in 1995 and is based in Bristol, United Kingdom.

Buy -

Seller(S) 1

SELLER

Lloyds TSB Development Capital

London, United Kingdom

Investor Investor Investor Investor Investor

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 61 of 198
Sector (Apparel/Textiles) 3 of 4
Type (Add-on Acquisition) 30 of 94
Country (United Kingdom) 59 of 192
Year (2013) 14 of 17
Size (of disclosed) 22 of 61
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-04 Joules Group

Market Harborough , United Kingdom

Joules Group is a lifestyle brand that is renowned for its distinctive designs and prints, product range and authentic country heritage. The business offers a broad range of womenswear, menswear, children & babywear, homeware and accessories. Joules Group was founded in 1980 and is based in Market Harborough, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-03 Kee Safety

West Midlands, United Kingdom

Kee Safety is a provider of fall protection solutions and products associated with working at height. The Company’s products have a longstanding reputation for their quality, reliability, and safety and include fall prevention equipment, roof edge protection, barrier and guardrail systems, and safe access solutions. Kee Safety was founded in 1934 and is based in West Midlands, United Kingdom.

Sell £90M
Mergr

Product

Company

Legal