LDC, the private equity arm of Lloyds Banking Group, has invested in vehicle accessory manufacturer Rhino Products in a deal worth £36m.
Rhino, headquartered in Ellesmere Port, Cheshire was founded in 1997 by Clive Bell before he teamed up with Steve Egerton in 2003 and designs external load carrying and restraint systems for light commercial vehicles.
LDC’s Manchester team is backing Rhino's management team, led by Mr Egerton, with its investment being used to support Rhino’s international growth strategy.
Rhino currently has two factories in the UK and further sites in The Netherlands, Poland and Sweden.
Mr Egerton said: “We are really pleased with the growth of the business over the last 17 years and proud of the brand and products we have developed.
“Opening our new facility in Ellesmere Port earlier this year was a key milestone for the business and it demonstrates our ambition to continue to grow internationally.
“Now we want to supercharge that growth and in LDC we have found a partner with a track record of doing just that.”
The investment was led by LDC’s John Clarke, Jacob Leone and Dale Alderson.
Mr Clarke said: “Steve and his ambitious team came to LDC with a clearly mapped out strategy to continue to grow the business.
“Rhino is already a well-established market leader with a strong brand and has real potential to increase market share in the UK and overseas. We’re looking forward to supporting the company’s next exciting period of growth.”
As part of the deal, Mr Clarke will join the board as a non-executive director, while Gary Jacobson, former CEO of Middleton-headquartered Bifold Group, will join the board as non-executive chairman.
