We believe growth is best achieved through partnership. It’s why we’re committed to backing ambitious management teams, enabling them to capitalise on new growth opportunities, realise long-term objectives and build market-leading businesses.
We understand that every company is different which is why we design our partnerships with management teams to build scale and value in line with their vision and ambition. We support teams to achieve their growth plans, whether through a buy and build strategy, organic growth or international expansion.
The results of partnering with LDC speak for themselves.
In 2018, the businesses we exited increased their enterprise value by an average of 138 per cent during our partnership, thanks to an average increase in turnover of 79 per cent and profit of 45 per cent.
Together, these 26 companies added a total of 2,784 roles to their teams, and with our support they were confident to expand into more than 25 new countries and develop 50 new products or services to create lasting value.
No matter the business or the business leader, from the UK’s largest live events business the NEC Group to leading video games developer Team17, the success in 2018 demonstrates that private equity partnership with LDC can work across a diverse range of businesses.
During our partnership, the 26 companies we exited in 2018, delivered:
- 138% average increase in enterprise value
- 79% average increase in sales
- 2,784 new roles added in total
- £147m spent on capital expenditure
- >25 new markets expanded to
The NEC Group
LDC worked in partnership with the NEC Group, one of the UK’s largest live events businesses, delivering a successful transformation programme to grow the business.
In 2015, LDC backed the management buyout of the NEC Group, led by Chief Executive Paul Thandi. During the subsequent four years, significant capital investment helped the business to open a number of new facilities such as Resorts World and the VOX conference and banqueting facility. It also supported partnerships with the likes of Merlin Entertainments to open a Bear Grylls Adventure visitor attraction and a LEGOLAND Discovery Centre on the company’s sites.
Today the NEC Group hosts over seven million guests and 750 events each year, has revenues of more than £160million, EBITDA of more than £60million and employs more than 1,500 people.
Paul Thandi, Chief Executive, the NEC Group, said: “We wanted to change our business and realise our business plan. We wanted investment to build new businesses, organically grow our business, invest in our teams and complete some acquisitions to grow our portfolio. We had a choice of a few people to go with, and what I liked the most about LDC was their approach. First and foremost, it wasn't the business, it was the management team that they were interested in.”
- 4-year - transformation
- £65m - capital expenditure
In 2016 leading independent video games developer and publisher, Team17, secured a £16.5million investment from LDC to fuel its expansion.
The business, which is responsible for over 90 well known titles including Worms, Overcooked and Yooka Laylee, more than doubled revenues to £29.6million and increased EBITDA by 111 per cent during the period of our partnership.
The growth was underpinned by further investment in product development and new launches, continued overseas expansion and a commitment to supporting its development partners; all delivered by its highly ambitious management team. In May 2018 the business listed on London’s AIM market in an IPO valuing the business at c. £217million.
Debbie Bestwick MBE, CEO and Founder, Team17 said: “One of the key reasons why we opted to do business with LDC is the fact the team understood the importance of our business model, and our philosophy of nurturing new talent and supporting partners. We are delighted to have successfully concluded the Team17’s IPO as well as welcoming new shareholders to the register. We are excited by the benefits of being a quoted company and we look forward to further developing our business over the coming years.”
- £217m - initial public offering on AIM
- 119% - increase in revenues
LDC’s partnership with Amberon, one of the UK’s leading providers of traffic management services, supported the company’s expansion across the UK, all while maintaining its culture and values.
The Devon-headquartered business secured a £25million funding package from LDC and HSBC in 2017, backing the management team to continue the company’s growth.
In just 18 months of partnership with LDC, the management team accelerated its national expansion plan, opening six new depots across the country, adding 50 new vehicles to its fleet and creating over 50 new jobs.
In addition, the firm was able to broaden its service offering through acquiring another complementary business. During the partnership, the group’s turnover rose 23 per cent to reach £37.5million.
Terry Musson, Managing Director, Amberon, said: “Partnering with LDC has helped us to drive growth in our business more quickly than we anticipated, all without losing the Amberon way of doing things. We’ve enjoyed working with the team and have benefited from LDC’s financial support, expertise and strategic guidance, as well as their trust in us to deliver."
- 6 new locations
- 23% sales growth
LDC supported ByBox, an international software and supply chain management company, in doubling the company’s value to reach £221million.
In 2016, LDC backed ByBox’s existing management team, led by Co-Founder and CEO Stuart Miller, by providing £37.5million to accelerate international growth.
During the two-year partnership, ByBox increased its global presence, launching a new office in Burlington Massachusetts, as well as two satellite offices in Atlanta and Denver to help it meet global customer demand. The company also invested heavily in new technology, software and the development of new products.
Stuart Miller, Co-Founder and CEO, ByBox, said: “We knew we needed the right investment partner to support our long-term growth plans. It was clear from the outset that LDC’s experienced team, straightforward approach and flexible investment model meant they were the perfect partner for us. LDC are insightful and supportive investors who have worked closely with the ByBox team to formulate and execute a successful strategy.”
- £37.5m investment
- x2 doubled in value
The Year Ahead