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LDC banks 3.8x return from £148m exit of lingerie group Eveden

30 Mar 2012

Lloyds Bank private equity arm LDC has made a 3.8 times return from the sale of its stake in lingerie and swimwear business Eveden Group, which was recently sold for £148m.

The mid-market focused firm, which sold to Wacoal Holdings, has seen the company deliver substantial growth since it took a minority stake in 2006, it said.

For the year ending June 2011 the UK company’s turnover increased to £81.9m, an 18 per cent uplift on 2010, with a pre-tax profit of £8.4m.

LDC said it had worked closely with Eveden to implement its strategic growth plan, which focused on the roll out of its Freya and Fantasie brands in the US, Europe and Asia.

The original investment and ultimate exit from Eveden was led by LDC UK’s new managing director Martin Draper and investment director Andy Lyndon.

Draper said, “In Eveden we recognised the opportunity to partner with a high-quality management team in a business with a portfolio of market leading brands which, over time, has delivered considerable sales and profit growth.

“Since our investment, Eveden has consistently outperformed despite the challenging economic environment; consolidating its UK market position, leveraging its brands across new geographies and completing the strategic acquisition of Huit in France.”

He added, “This exit highlights how private equity working in partnership with a high quality management team can help to grow and develop a business, and importantly ensure that it is strategically positioned to embark on the next phase of its development with the right buyer.”

Last week LDC backed the management buyout of UK corporate travel company TD Travel.

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