Waterfall is one of the UK’s leading independent mid-sized contract caterers.

The business operates through two very strong brands in Caterplus and Taylor Shaw.

Caterplus services residential and care homes across the country, as well as welfare charities and shelters and it is regarded as the largest operator in the sector.

Taylor Shaw operates in the education sector with contracts for state primary and secondary schools and colleges and a presence in business and industry.

In December 2014, LDC backed the £20million secondary buyout of Waterfall, a leading independent contract caterer. LDC backed the incumbent management team and worked closely with them to implement the business's growth strategy in developing their offering.

In July 2016 LDC exited its investment in Waterfall to Paris-based multinational Elior Group SA in a deal that generated a 2.6x money multiple and IRR of 81 per cent for LDC.

Since the investment, LDC has supported the management team in executing their organic growth strategy which focused on strengthening margins, as well as improving customer proposition and service delivery in its core markets of care and education.  This has driven growth in revenues from £50million to over £70million with headcount increasing from 3,000 to more than 3,500 employees during the last 19 months.

The deal sees Waterfall Catering Group join one of the world’s largest operators in the contracted food industry in Elior Group, which is listed on Paris’ Euronext market and recorded annual revenues of €5,674million in the financial year 2014-2015.  Both Caterplus and Taylor Shaw will continue to operate under their current brands as part of a new Elior company, with the management team remaining as shareholders to oversee the next phase of growth.

LDC backed our vision and ambition as a management team to create an even stronger business and has provided unwavering support for our growth plans ever since. The deal with Elior Group provides a highly strategic outcome for our partnership with LDC and puts us in a great position to further develop our offering to customers within our core sectors in education and care.
Jim Lovett, CEO, Waterfall Catering Group