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LDC makes 2.5x return through £28m Eve Trakway exit

13 May 2013

UK private equity firm LDC has sold its minority equity stake in rental equipment company Eve Trakway for £28m, plus £7m earnout.

LDC invested in the business in June 2008 and earned a money multiple of 2.5 times from the deal.

The Chesterfield-based company, which also has offices in Lanark and Wimbledon, supplies roadways footpaths, bridges, crowd control barriers and ground protection systems for use in major rail, communication and utilities infrastructure projects and high-profile outdoor events.

The acquisition by Ashtead Group will see Eve Trakway join the Group’s subsidiary, A-Plant, which is the UK’s second largest equipment rental company with 110 locations.

Under LDC’s ownership, Eve Trakway increased its revenues by 58 per cent to £26m for the financial year ending March 2012. The company made three bolt-on acquisitions in barrier and fencing supplier Vincehire, mobile tower lighting firm Brightlights and traffic control and management business ATM Traffic Solutions.

John Garner, director and head of LDC in Yorkshire and the North East, said, “Since our investment, we have worked closely with Eve Trakway’s management team to support its buy and build strategy, and extend the range of products and services that the business offers. This has been recognised in a number of high profile contract wins and significant growth. The sale to Ashtead Group is an excellent outcome for LDC and the business, and we wish the management team every success in the next phase of the company’s development.”

Last year, LDC invested over £280m of equity across 18 new businesses and £86m of additional equity supporting portfolio company acquisitions. So far this year, the Yorkshire and North East team invested in NRS Healthcare, an outsourced provider of community healthcare equipment and services, and exited its investment in international engineering group MB Aerospace through a secondary buyout to US based Arlington Capital Partners.

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