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LDC backs healthcare, oil and gas services companies with £54m investment

19 Mar 2013

news_lloyds_lrgThe captive private equity arm of state-backed UK lender Lloyds has invested more than £54m across a pair of deals in the healthcare and oil and gas services sectors, AltAssets has learned.

LDC has backed the MBO of outsourced community healthcare equipment provider NRS Healthcare in a £24m deal, and invested more than £30m in tubular services company Ramco, a source with knowledge of the deal said.

The investments marked a busy 24 hours for LDC, which also exited MB Aerospace to Arlington partners and announced the expansion of MAMA & Company’s music venue portfolio by purchasing the Hoxton Square Bar and Kitchen in East London.

NRS said it planned to grow internally and through bolt-ons following LDC’s buyout. It recorded revenues of £76.8m for the financial year ending March 30, 2012.

John Garner, who led the deal for LDC, said the increase in residential and domiciliary care provision driven by an ageing population, the transfer of care from the public to private sector and rapid technological advancement had supported strong growth in the community healthcare equipment industry.

The secondary buyout of Ramco will see the company attempt to expand internationally. The business currently provides pipe storage, management, cleaning and preparation services to the oil and gas industry.

It already has a strong presence in the UK and Norway, and has established operations in China, Japan and Romania.

Mark Kerr, head of LDC’s Aberdeen office, said “LDC is very optimistic about the outlook for the oil services industry in the North Sea and the opportunity this creates for companies like Ramco with strong areas of sector expertise built up over many years of operation.

“We are delighted to support Stewart and his management team and invest in the long-term growth of Ramco.

“We hope that this will be the first of several oil service investments that LDC will make during the course of this year and believe it demonstrates LDC’s commitment to both Aberdeen and Scotland, and appetite to invest in the oil services sector.”

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