LDC has made a significant investment in Angel Springs, the UK’s largest independent water cooler service provider, the firm has announced.
LDC is a regional mid-market private equity house and part of the Lloyds Banking Group
Following the deal, LDC investment director Andy Lyndon and managing director Martin Draper on the board as non-executive directors with immediate effect.
Established in 2003 after the acquisition of three water cooler businesses, the Wolverhampton-based company has doubled in size following strategic acquisitions, growth and geographic expansion.
The company is one of only two national operators that provide both bottled water and mains-fed coolers to supply chilled drinking water, and supplies more than 45,000 coolers to approximately 24,000 customers in the UK.
“This deal represents the fifth transaction completed by LDC’s Midlands’ team in 2011 and confirms our long term commitment to supporting regionally based mid-market businesses with ambitious growth plans,” said Draper.
“The transaction demonstrates the strength of the Midlands-based advisory and funding community, who have successfully delivered a great result within a tight timescale,” he added.
The investment aims to support Angel Springs’ buy and build strategy, targeting complimentary businesses to increase market exposure and expand their existing customer base, the company said.
Recently the firm announced the secondary management buy-out of beauty accessories supplier Original Additions for an undisclosed sum.
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