M&A Deal Summary

Lloyds TSB Development Capital and Scottish Equity Partners Acquire SSP Group

On March 15, 2015, private equity firm Lloyds TSB Development Capital and growth capital firm Scottish Equity Partners acquired information technology company SSP Group from Hellman & Friedman for 207M GBP

Acquisition Highlights
  • This is Lloyds TSB Development Capital’s 9th and Scottish Equity Partners’ 6th transaction in the Information Technology sector.
  • This is Lloyds TSB Development Capital’s 4th and Scottish Equity Partners’ largest (disclosed) transaction.
  • This is Lloyds TSB Development Capital’s 158th and Scottish Equity Partners’ 13th transaction in the United Kingdom.
Investment Fate
  • SSP Group was sold to a strategic buyer in 2020.

M&A Deal Summary

Date 2015-03-15
Target SSP Group
Sector Information Technology
Buyer(s) Lloyds TSB Development Capital
Scottish Equity Partners
Sellers(s) Hellman & Friedman
Deal Type Secondary Buyout
Deal Value 207M GBP
Advisor(s) Arma Partners LLP (Financial)

Target

SSP Group

Halifax, United Kingdom
SSP Group is a provider of technology systems and software for the insurance industry, helping insurers and brokers operate more efficient businesses. SSP Group was founded in 2002 and is based in Halifax, United Kingdom.

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Buyer(S) 2

Buyer

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 166 of 304
Sector (Information Technology) 9 of 29
Type (Secondary Buyout) 29 of 56
Country (United Kingdom) 158 of 292
Year (2015) 4 of 12
Size (of disclosed) 4 of 69
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-23 Aspen Pumps

East Sussex, United Kingdom

Aspen Pumps engages in the design, manufacture, and distribution of mini pumps that remove condensate water from air conditioning and refrigeration systems. Aspen Pumps also sells a range of ancillary products for air conditioning installers and engineers. Aspen Pumps was founded in 1992 and is based in East Sussex, United Kingdom.

Sell £105M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-23 Away Resorts

Hemel Hempstead, United Kingdom

Away Resorts is a holiday park owner and operator in the UK. It operates six major resorts in prime UK destinations, including Tattershall Lakes in Lincolnshire and Whitecliff Bay on the Isle of Wight, hosting almost 200,000 holiday-makers each year. Away Resorts was founded in 2007 and is based in Hemel Hempstead, United Kingdom.

Buy -
DESCRIPTION

Scottish Equity Partners is a growth capital firm focused on high-growth tech company invests in the UK and Ireland. The Firm looks to invest up to £25 million across a range of sectors, with a particular interest in enterprise software, consumer internet and tech-enabled service businesses. Scottish Equity seeks to build value by playing an active and supportive role in the growth and development of its portfolio companies. Scottish Equity Partners is based in London.


DEAL STATS #
Overall 13 of 35
Sector (Information Technology) 6 of 8
Type (Secondary Buyout) 4 of 6
Country (United Kingdom) 13 of 27
Year (2015) 1 of 6
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-27 Anesco

Reading, United Kingdom

Anesco provides energy efficiency implementation, management, and consultancy services for residential and commercial markets. Anesco has constructed more than 100 solar farms, while its O&M service is monitoring more than 24,000 sites. Anesco was founded in 2010 and is based in Reading, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-18 Abcodia

Cambridge, United Kingdom

Abcodia is a clinical-stage company engaged in the commercial development of novel, scientifically validated tests for the early detection of cancer. The first product is the ROCA® Test for the early detection of ovarian cancer. Abcodia is based in Cambridge, United Kingdom.

Buy -

Seller(S) 1

SELLER

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.


DEAL STATS #
Overall 40 of 59
Sector (Information Technology) 2 of 3
Type (Secondary Buyout) 13 of 15
Country (United Kingdom) 5 of 5
Year (2015) 2 of 5
Size (of disclosed) 18 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-09 Wood Mackenzie

London, United Kingdom

Wood Mackenzie is a provider of commercial intelligence for the energy, metals, and mining industries, The company provides objective analysis and advice on assets, companies, and markets, giving clients the insight they need to make better strategic decisions. Wood Mackenzie was formed in 1973 and is based in London.

Sell £1.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-14 Ellucian

Reston, Virginia, United States

Ellucian is a higher education technology solutions provider. Ellucian’s products help colleges and universities manage their core administrative functions including enrollment, budget and financial planning, student information, human resources, strategic planning, and fundraising. Ellucian was founded in 1968 and is based in Reston, Virginia.

Sell $3.5B