UK private equity firm LDC has exited part of its stake in social housing regeneration specialist Forrest for a return of 2.4 times.
Following the partial exit, Palatine and LDC will own a combined majority interest in the business. Since LDC made its first investment in Forrest in 2007, the company has seen its revenues climb to more than £100m from £38m.
Forrest provides refurbishment and responsive maintenance services to the social housing market in the North of England.
In the past three years the company has established a renewables division becoming one of the first registered installers under the government’s Green Deal and Energy Company Obligation programme.
The company’s social housing clients include Bolton at Home, City West Housing Trust, Salix Homes and Blackpool Coastal Homes.
Director and Co-Head of LDC in the North West Jonathan Bell said, “We have supported Forrest’s consistent growth in the social housing support services sector and its transition into the leading regeneration specialist in the North of England.
“We are committed to working with Palatine to continue to support the business as it further develops its environmental services offering and targets new framework opportunities.
Last week LDC backed the expansion strategy of precision engineering company Express Engineering, taking a minority stake in the company.
Copyright © 2013 AltAssets