Lloyds TSB Development Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Lloyds TSB Development Capital has acquired 2 companies. It has also invested in 16 others.

Lloyds TSB Development Capital’s most common sectors for investment arebusiness services (10%) and information technology (8%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (38%) and growth capital (31%). In total, Lloyds TSB Development Capital has invested in 5 US states and 6 different countries. Its largest (disclosed) acquisition occurred in 2015 when it acquired National Exhibition Centre Group for $473M.

In the last 3 years, Lloyds TSB Development Capital has exited 10 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.

Join Mergr to view Lloyds TSB Development Capital’s full profile and discover more middle-market private equity firm investors just like it.

M&A Summary

  • M&A Total Activity470
    • M&A Buy Activity284
    • M&A Sell Activity186
  • Total Sectors Invested 49
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 128
  • M&A Advisors 64

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 ≤ '20 '21 '22 '23 '24 '25 T
Buy (7.0/yr) # 249 17 13 5 - - 284
vol $5.8B $5.8B
Sell (5.0/yr) # 161 16 8 1 - - 186
vol $7.3B $496M $202M $8.0B
  470

Most Recent M&A

Company Date Value Type
Boston Energy Wind Power Services, Inc. 2023-07-07 - Growth Capital
Beverley, United Kingdom · www.bostonenergy.co.uk
Building Cost Information Service Ltd. 2023-06-13 - Growth Capital
London, United Kingdom · www.bcis.co.uk
Msq Partners 2023-06-12 - Secondary Buyout
London, United Kingdom · www.msqpartners.com
The Barrister Group 2023-05-30 - Growth Capital
London, United Kingdom · www.thebarristergroup.co.uk
Idwal Marine Services Ltd. 2023-03-24 - Growth Capital
Cardiff, United Kingdom · www.idwalmarine.com
AI Recruitment Technologies Ltd. 2023-03-09 - Growth Capital
Liverpool, United Kingdom · www.horseflyanalytics.com
Stonbury Ltd. 2022-12-21 - Growth Capital
Bedfordshire, United Kingdom · www.stonbury.com
Etrading Software Ltd. 2022-12-12 - Growth Capital
London, United States · www.etradingsoftware.com
Acora Ltd. 2022-10-05 - Secondary Buyout
Burgess Hill, United Kingdom · www.acora.com
Littlefish Ltd. 2022-08-24 - Secondary Buyout
Nottingham, United Kingdom · www.littlefish.co.uk
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 7 (8%) 31M (4%) 27 (9%) 270M (5%)
Information Technology 8 (9%) - 22 (8%) 1.0B (18%)
Software 3 (3%) - 20 (7%) 318M (6%)
Internet Software and Services 10 (11%) 38M (5%) 16 (6%) 192M (3%)
Media 2 (2%) - 14 (5%) 641M (11%)
Manufacturing 6 (7%) 195M (26%) 12 (4%) 273M (5%)
Healthcare Services 5 (6%) - 11 (4%) 268M (5%)
Leisure 6 (7%) 92M (12%) 9 (3%) 92M (2%)
Safety/Security 2 (2%) - 9 (3%) 38M (1%)
Food 3 (3%) - 8 (3%) -
Distribution 2 (2%) 35M (5%) 7 (2%) 194M (3%)
Medical Products 2 (2%) - 7 (2%) 140M (2%)
Consumer Products 2 (2%) 95M (13%) 7 (2%) 95M (2%)
Financial Services 3 (3%) - 7 (2%) 37M (1%)
Aerospace 1 (1%) - 7 (2%) 15M (< 1%)
Construction 1 (1%) - 7 (2%) 11M (< 1%)
Retail - - 6 (2%) 23M (< 1%)
Electrical Equipment - - 6 (2%) 16M (< 1%)
Building Materials - - 5 (2%) 454M (8%)
Staffing 2 (2%) 172M (23%) 5 (2%) 219M (4%)
Insurance 1 (1%) - 5 (2%) 103M (2%)
Transportation - - 5 (2%) 83M (1%)
Marketing 2 (2%) - 5 (2%) -
Communications 3 (3%) - 4 (1%) 154M (3%)
Education 2 (2%) - 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%) -
Furniture 2 (2%) - 3 (1%) -
Test/Measurement Equipment - - 2 (1%) 46M (1%)
Machinery - - 2 (1%) 38M (1%)
Plastics - - 2 (1%) 9M (< 1%)
Digital Media 2 (2%) - 2 (1%) -
E-Commerce 1 (1%) - 2 (1%) -
Information Services 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 (10%) 1 (< 1%) 77M (1%)
Consumer Services 1 (1%) 20M (3%) 1 (< 1%) 20M (< 1%)
Gaming - - 1 (< 1%) -
Life Science 1 (1%) - 1 (< 1%) -
Oil/Gas Exploration 1 (1%) - 1 (< 1%) -
Total 87 $757M 288 $5.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 83 (95%) 661M (100%) 276 (96%) 4.4B (92%)
  Kansas 1 (1%) - 1 (< 1%) -
United States 3 (3%) - 8 (3%) 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 83 (95%) 661M (100%) 276 (96%) 4.4B (92%)
Cross-border 4 (5%) - 11 (4%) 405M (8%)
Total 87 $661M 287 $4.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (7%) 172M (26%) 107 (37%) 1.2B (22%)
Growth Capital 52 (60%) - 89 (31%) 57M (1%)
Secondary Buyout 15 (17%) 243M (37%) 54 (19%) 2.3B (43%)
Divestiture 9 (10%) 246M (37%) 24 (8%) 1.5B (29%)
Stake Purchase 1 (1%) - 6 (2%) 77M (1%)
Consolidation 2 (2%) - 4 (1%) 111M (2%)
Merger 1 (1%) - 3 (1%) 80M (2%)
Going Private 1 (1%) - 1 (< 1%) -
Special Situations/Distressed - - 1 (< 1%) -
Total 87 $661M 289 $5.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 69 (37%) 3.2B (45%)
Trade Sale 57 (30%) 1.4B (20%)
Trade Sale - Public Company 41 (22%) 2.4B (34%)
Merger 6 (3%) 80M (1%)
IPO 6 (3%) -
Sold to Management 3 (2%) -
Bankruptcy 2 (1%) -
Recapitalization 1 (1%) -
Shut Down 1 (1%) -
Unknown 1 (1%) -
Total 187 $7.2B

Top M&A Advisors

Financial Deals
KPMG Corporate Finance LLC
 25
Deloitte
 6
PwC Corporate Finance LLC
 6
Legal Deals
Gateley Plc
 9
DLA Piper
 9
Addleshaw Goddard LLP
 8

Deal Values

buy # Total
$100M to $1B 14 $3.2B
< $100M 55 $2.6B
TOTAL $5.8B
Largest National Exhibition Centre 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%
55 (19%)
Strategic(s)
9%
26 (9%)
Exited to
Investor(s)
37%
69 (37%)
Strategic(s)
51%
95 (51%)

Investor Summary

Investor Type

Private Equity Firm

Size

Middle-Market

PE Assets

2.0B USD

Established

1981

Specialist/Generalist

Generalist

Leadership

Toby Rougier

Chief Executive

Steve Aston

Managing Partner

Yann Souillard

Managing Partner

John Garner

Managing Partner, National

Jonathan Bell

Managing Partner, North

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