Eve supplies roadways footpaths, bridges, crowd control barriers and ground protection systems for use in major rail, communication and utilities infrastructure projects, as well as high-profile outdoor events.
The business’ products and services have supported a diverse range of assignments including Live 8, Glastonbury and the London Marathon.
In 2008 LDC invested for a minority stake in Eve.
Since the investment Eve increased its revenues by 58% to £26million (2012), this was driven by significant development of the business’s products and services. The business also completed three bolt-on acquisitions comprising barrier and fencing supplier Vincehire, mobile tower lighting firm Brightlights, and traffic control and management business ATM Traffic Solutions.
In 2013 LDC completed the sale of Accession Group which includes its principal trading subsidiary Eve, to Ashtead Group plc for a cash consideration of £28million plus a £7million earn-out.
The deal saw Eve join A-Plant, a subsidiary of Ashtead Group plc and the UK’s second largest equipment rental company with 110 locations. For A-Plant, the acquisition is in line with its long term strategy to develop a high value speciality business and broaden its product offering
The transaction provided a complete exit for LDC and represented a 2.5x money multiple.