CPP was formerly a trading division of Cranswick Pet and Aquatics, in which LDC took a majority stake investment in 2009. The sale of CPP provides an “excellent” return for LDC on its original investment, the firm said. Since LDC’s investment, CPP’s sales have increased to £41.3m for the financial year ended March 2012, an uplift of more than ten per cent from £37.5m in 2009.
LDC has retained its majority stake in Cranswick’s other trading division, the Tropical Marine Centre.
The original investment and ultimate exit from CPP was led by LDC Director John Garner. He said, “Our investment in CPP saw us back a first rate management team of a market leading business which has shown strong resilience throughout a sustained period of recession, and has ultimately generated a good return for LDC. The Westland Horticulture represents an excellent outcome for CPP and provides the business with a great platform from which to build further upon their existing growth strategy. We wish Derek and his team all the best for the future.”
The sale of CPP is the second strategic sale completed by LDC in the last few weeks. In March the firm made a 3.8 times return from the sale of its stake in lingerie and swimwear business Eveden Group.
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