Thinventory (formerly ByBox) provides supply chain solutions to more than 250 blue chip clients, including Siemens, Vodafone and Hewlett Packard Enterprise, helping to move critical parts to and from field engineers using market-leading technology and a network of more than 1,000 locker locations.

Backing business development

In 2016, we provided £37.5m of development capital to accelerate the international growth of Thinventory, in a transaction that valued the business at £105m.

The deal allowed the management team, led by Founder Stuart Miller, to invest in new product development with the launch of Konnect™, an innovative global solution that simplifies the last mile of the field service supply chain. The technology pairs Bluetooth lockers with app-enabled software, dramatically improving security and efficiency, whilst eliminating unnecessary transport costs.

The Pallet Network (TPN) is the UK’s leading provider of pallet distribution services.

TPN’s members comprise of more than 100 of the best independent transport companies, with over 127 depot locations across the UK.

Increasing volume

The management team first chose to partner with LDC in 2007 when it led a management buyout to ensure the continued development of TPN.

After the investment, the business grew significantly. During the management’s ten-year partnership with LDC, revenues trebled from £34.7m in 2007 to £119.5m in 2017. TPN also opened a new purpose-built, 367,500 sq. ft hub in 2014, and added regional hubs near Preston in 2015 and in Brackmills, Northampton in early 2018.

The business also went on to acquire a long-standing member of its network, Eezehaul.

During the partnership, annual pallet volumes increased to 3.9m and by 2017 the business had the capacity to deliver up to approximately 21,000 pallets every day.

Capital Economics is a globally-recognised macro-economic research company. The company offers award-winning macro-economic, financial market and sectoral analysis, forecasts and consultancy.

Operating from offices in London, New York, Toronto, Sydney and Singapore, Capital Economics has a team of more than 60 experienced economists. The business has gained an enviable reputation for providing original and insightful analysis to a diverse and distinguished client base.

International expertise

In October 2014, Roger Bootle and his management team took on support from LDC in the form of a minority investment to aid its international growth plan. The transaction enabled Capital Economics to widen ownership of the shares amongst its staff and supported succession planning.

Since then, the business has grown revenues through the launch of new services and new offices in New York and Sydney. It has also expanded the team to over 140 employees across its five locations.

Duncan and Todd Group is the leading independent optical and hearing care group in Scotland, employing more than 300 people. 

As well as operating through chains, Duncan and Todd Group provides outsourced corporate eye care services to more than 200 public and private sector customers, through its Smart Employee Eyecare brand.

Expanding its footprint

In 2018, LDC invested in Duncan and Todd Group, in a transaction that saw the business’  existing backer, BGF, exit its minority stake.

With our investment and support, the business has expanded its retail footprint in Scotland, diversified its service range and invested in a state-of-the-art lens manufacturing facility in Aberdeen that services its 43 retail branches and independent opticians across the UK.

The growth plan also involved the roll-out of new complementary healthcare services including audiology following the appointment of Duncan and Todd Group’s first Head of Audiology.

Under one roof

In 2023, the Group relocated its headquarters and manufacturing laboratory to new premises in Aberdeen, and Caledonian Optical tripled its capacity with a £1.5 million investment in the latest technology.

In October 2023, Mat Norris was appointed as Group CEO, marking a new chapter in the Duncan and Todd Group’s continued growth and commitment to delivering exceptional eye and hearing care services to its communities.

Frances Rus transitioned to Non-Executive Director, continuing to serve on the Board of Directors and remaining a significant shareholder in Duncan and Todd.

In December 2024, Kevin Sutherland was appointed as Chief Financial Officer, and Karen Sharpe as Chief Commercial Officer. 

Reinvigorated ESG commitments

Duncan and Todd Group reinvigorated its ESG commitments. The business plans to reduce its environmental footprint, actively engage with local communities to promote positive change and uphold the highest ethical standards in all operations.

Headquartered in Warrington, Mini-Cam designs and builds intuitive and robust modular pipeline-inspection systems, used across the water and wastewater industry, as well as by a number of other sectors, including oil and gas, nuclear and security.

Founded in 1991, Mini-Cam has a strong global presence, providing sales, servicing and support to customers in over 36 countries around the world.

Helping operations treble

We backed a management buyout of Mini-Cam in July 2015. The investment was to assist the business in continuing its investment in product innovation and drive international revenue growth in existing and new markets worldwide.

During our investment, we helped Managing Director Nigel Wilson and his team to expand operations from one site to three, including establishing a new European R&D facility in Austria, developing and launching multiple new products and growing headcount from 37 employees to more than 50.

Based in Chelmsford, Essex, Clifford Thames supplies information on millions of car parts, allowing manufacturers and leasing companies to manage vehicle repairs and maintenance.

Its customers include Ford, General Motors, Jaguar Land Rover, Hyundai, Mercedes-Benz, Renault and VW Group and operating from offices in seven countries across Europe, North America and Asia Pacific, employing almost 500 people.

Management buyout

In 2014, we backed the £50m management buyout of the business supporting Calvin Barnett and his team. Their growth strategy was to expand its services in new overseas markets.

Clifford Thames subsequently made two strategic acquisitions, AC Autoconsult in Germany and a Ford Electronic Parts Catalogue platform.

In 2017 Clifford Thames’ management team was awarded the South East Mid-Market Team of the Year at the British Private Equity & Venture Capital Association (BVCA) Management Team Awards.

Established in 2004, Node4 delivers a comprehensive range of hosted IT and communications solutions to businesses up and down the UK.

In 2013 LDC backed the management buyout of the business supporting Co-founder and Chief Executive Andrew Gilbert. The deal provided the capital to help accelerate the continuing growth of Node4 through new data centre development and acquisitions.

A commitment to buy and build

Node4 activated a strategic buy and build strategy that saw it complete the acquisitions of LETN Solutions, Reconnix and Premier IT Networks in 2014 and 2015, as it capitalised on the growing trend for customers to outsource IT services and favour integrated providers like Node4.

The business also opened a new London office at the heart of the City, demonstrating its commitment to the South East region as part of the company’s fast growth strategy.

Synexus is a multi-national company focused on recruiting for and running clinical trials, employing more than 850 people worldwide.

Headquartered in Manchester, it operates via an international network of 92 dedicated research centres, enabling access to a register of more than 79 million patients around the world.

Founded in 2000, uSwitch is the UK’s number one price comparison website. As the business has grown, it has become one of the most widely-recognised and trusted brands in the price comparison market.

Backing the management team

Steve Weller and his management team secured support from LDC for a management buyout in June 2013 as it sought to scale the business through organic growth.

During the near two-year partnership, LDC provided support to the management team as it worked to expand uSwitch’s platform and its services, driving significant growth and market share gain.

Revenue in its 2014 financial year reached £62.9m whilst underlying profit (EBITDA) increased 30 per cent to £16.2m.

Now part of Waterlogic, Angel Springs supplied and serviced more than 60,000 bottled water coolers and mains-fed water coolers. Operating from a network of depots strategically positioned across the UK, the business had diverse customer base largely comprised of multi-site blue chip organisations.

Strategic buy and build

We backed the team in 2011 in a management buyout and supported the development of an ambitious buy and build plan that would sit alongside the company’s organic growth strategy.

Together, the management team and LDC successfully executed this strategy; secured significant new contracts with both SMEs and multi-site blue chip organisations, as well as completing nine strategic acquisitions.

Quantum Pharmaceuticals, formerly Quantum Specials, is the UK’s most trusted manufacturer and supplier of unlicensed medicines and hard-to-source products. Quantum provides products that are essential to patients, often in the paediatric, psychiatric and palliative care sectors.

Established in 2004, Quantum provides 6,500 pharmacies and more than 240 UK hospitals with a range of around 22,000 special and special obtain products.

Investing for growth

LDC backed the management team in 2009 in a £32.5m management buyout, and during the partnership Quantum delivered fantastic growth. Revenues grew 145 per cent over just five years and the number of employees tripled from 100 to more than 300.

We also supported the management’s buy and build strategy with several acquisitions that saw Quantum broaden its service offering to reach more customers.

Penn Pharma provides a selection of Contract Development and Manufacturing Organisation (CDMO) services to its high-quality customer base, comprising some of the world’s leading pharmaceutical and biotech companies.

Established in 1979, Penn undertakes contract manufacturing for commercial and clinical trials and is one of the few companies globally with the skills and facilities to produce highly potent products in both small and large commercial quantities.

Experienced support

The management team partnered with LDC in 2007 as we invested £33m in a secondary buyout, with the goal of helping it achieve its growth strategy through business improvement. This involved collaboration with an experienced Non-Executive Director who, along with our expertise, helped Penn’s management team stabilise the business through the recession and build strong foundations for organic growth.

With additional investment from LDC, Penn continued to grow as it opened a new £14m, 15,000 sq. ft, purpose-built manufacturing facility. Thanks to LDC’s support, the investment in cutting-edge technology gave Penn a clear strategic advantage over its rivals.