Private equity firm LDC’s South West and Wales division has hailed a “stellar” six months which saw it complete three transactions with a combined enterprise value of more than £175m.
LDC, the private equity arm of Lloyds Bank, said its team in the region had supported its portfolio of businesses to make “significant steps” to deliver growth plans.
During the period LDC also exited its investment in Bristol-based television production company Plimsoll, which was acquired by ITV in June which valued the wildlife documentary maker at £131m.
LDC backed Plimsoll’s management team in 2019, with a minority investment that valued the company at around £80m. The business went on to grow sales from £35m in 2019 to £50m, with an ebitda of £10m (FY21).
So far this year the company has invested in Bristol wholesale bakery Cakesmiths, to support the growth of its digital platform, product development and workforce expansion plans.
LDC also led an £18m minority investment in Hampshire-based TMC Pharma Services, a global pharmaceutical development organisation that specialises in rare diseases and oncology.
The firm said it had also supported Bristol-based digital media agency Hybrid, which recently launched its first office in the US, and Welsh leisure business Zip World, to invest in its sites and launch a number of new attractions, the latest being Underground Golf in North Wales.
LDC-backed telecoms provider Onecom recently expanded into the South West following its acquisition of Bristol-headquartered Solution IP Communications, which marked Onecom’s second acquisition of 2022.
Dewi Hughes, LDC partner and head of the South West and Wales division, said: “The turbulence of the economic environment is presenting new challenges to business leaders across the South West and Wales. However, I am continually impressed by the ambition and quality of the management teams I meet. Their tenacity to succeed and grow remains as strong as ever.”
Mr Hughes added the firm, which has offices in Bristol's Temple Quay and in Cardiff, was “actively seeking” new investment opportunities to support companies to “navigate the bumps ahead”.
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