LeMieux is a leading global equestrian brand. Originally known for its saddle pads, the business has expanded to provide a range of distinctive premium equestrian equipment, rider and lifestyle wear, and toys and accessories to a passionate customer base in more than 90 countries.

It sells direct to consumers through a rapidly growing e-commerce channel, and is stocked in more than 500 retailers worldwide, including John Lewis and Selfridges. It is the supplier of choice to world-class riders, such as Olympians Ros Canter, Scott Brash and Becky Moody, and many more riders at the 2024 Paris Olympic games.

The business was founded in 2006 by Lisa and Robert Lemieux, a former professional event rider, British National Champion and Olympian.

Enhancing an established brand

In 2021, LDC invested for a minority stake in the business. LDC is backing LeMieux’s ambitious management team, to accelerate its growth in the UK and overseas, and further expand its horse wear and rider wear offering.

As part of the transaction, retail veteran and ex-CEO of Joules, Colin Porter, joined the business as Non-Executive Chairman.

Kerv is a leading cloud and digital services provider created in July 2020.

Kerv provides a suite of integrated cloud and digital transformation services to mid-market, enterprise and public sector organisations. The business partners with global technology leaders and tailors its solutions for customers in key industry verticals, including financial services, public sector, retail and the not-for-profit sector.

Invest and grow strategy

In July 2020, LDC backed founders Alastair Mills and Mike Ing to merge three highly complementary, cloud-based managed services businesses. LDC invested £22m in the initial transaction and, over the course of the next three and a half years, provided £20m in follow on funding to support complementary acquisitions.

Cardel is a leading manufacturer and supplier of specialist components used in the production of secure ID documents, payment cards, printed circuit boards (PCB), fuel cells, wooden furniture and other laminated products.

Headquartered in Hertfordshire, the business’ materials are used to make a wide range of industrially laminated products. This includes an estimated third of bank cards produced globally and around 60 per cent of all identity cards and passports.

An international expansion plan

LDC invested in Cardel in 2017 to support the business’ international and domestic growth plans.

This included investment in product development, which enabled Cardel to launch new innovations in the card payment and secured identification documentation markets.

In 2022, LDC helped Cardel to acquire Germany-based VTT, a market-leading supplier of identity cards, driving licences, passport data pages and PCB bare board lamination components to the global security market. The acquisition further increased Cardel’s international footprint and extended its product range into wider sectors.

Building on a successful track record

During the partnership with LDC, Cardel more than doubled revenue and EBITDA, and increased headcount from 22 to 74 employees.

Today, the company has a truly global client base and serves more than 275 customers in over 55 countries. To support this, it has on the ground technical support and representation in 14 countries, including the US, China and India.

In May 2024, LDC exited its investment in Cardel to listed Swedish investment group Lifco.

The ATCORE Group is a leading technology provider that specialises in software and services for the global travel industry.

The business provides reservation and e-commerce solutions for travel companies and specialist tour operators, with key customers including TUI, Centre Parcs and First Choice, and its solutions for travel businesses mean its customers can remain competitive in a cost-pressured environment.

Acquiring new opportunities 

In May 2014 LDC backed the management team in the £45m management buyout of Anite Travel from its listed parent Anite PLC, a deal which saw the business go on to rebrand as ATCORE.

Integrated Doorset Solutions (IDSL) Group is the leading testing, inspection, certification and compliance business in the fire door sector.  

Founded in 2016, Mansfield-based IDSL Group has grown organically, and through strategic acquisitions, to include three specialist businesses.

Fire Door Inspection Solutions (FDIS) and Hartland Fire both specialise in inspection, maintenance and replacement activities to ensure compliance is maintained across the UK. IDSL is a leading manufacturer of specialist performance doorsets, including fire and security doors for use in hospitals, schools, student accommodation, commercial and high-end residential properties. IDSL also provides testing and technical consultancy services to complex projects across the UK.

Opening doors to growth

LDC backed the existing management team, led by Founder and Managing Director Ash Malhan, to support the business’ ambitious growth strategy.

In the first year of investment, the business achieved significant growth, increasing turnover by 21% to £42.9m. The performance reflected a continued focus on operational improvement, investment in delivery and infrastructure, and financial discipline. Headcount also increased 47% to 420 people, supporting capacity growth. The business completed the acquisition of Hartland Fire in November 2024, broadening its capabilities in compliance services within defence estates.

LDC’s investment in IDSL Group won ‘Medium Deal of the Year’ at the East Midlands Rainmaker Awards 2024 and its acquisition of Hartland Fire won ‘Small Deal of the Year’ at the East Midlands Rainmaker Awards 2025. These deals have been recognised due to IDSL Group being a prominent member of the region’s business community.

IDSL Group strengthened its leadership team with the appointment of Adrian Ringrose as Non-Executive Chair, and Brian Talbot as a Non-Executive Director. Andrew Gratton also joined the Group in August 2025 as Chief Operating Officer. Adrian was previously Non-Executive Chair of Churches Fire & Security, while Andrew joined from global manufacturer ams OSRAM.

Increasing demand for services

IDSL Group maintains a strong order book with increasing customer demand for its compliance services, alongside remaining a preferred provider of choice for its testing, inspection, and certification of fire doors services.

Pagabo Group (prev. known as The 55 Group) provides market-leading built environment-related software and services to public and private organisations across the UK.

The Hull-based Group’s offering comprises three brands including Pagabo, a procurement platform that connects private and public sector buyers to contractors via bespoke national frameworks, Loop, social value measurement software supporting the construction and infrastructure project lifecycle, and Sypro, a cutting-edge contract and risk management software solution for ongoing project management.

In March 2024, LDC backed Pagabo Group’s management team, led by Executive Founder Simon Toplass, as it pursues an ambitious growth strategy underpinned by further investment in its technology and services. The Group is also continuing to expand its team of experienced professionals which support its clients based across the UK.

In March 2026, Amman Boughan, who joined the Group in 2024, was appointed Group CEO.

15below is a specialist software developer and the market leader in hyper-personalised, automated passenger communications for the travel industry.

Founded in 2000 and headquartered in Brighton, it supports more than 60 airlines, rail operators, travel agencies and travel management companies worldwide and its proprietary software platform enables its customers to keep passengers informed at every stage of their journey.

It employs more than 90 people across its international network in the UK, Australia, India, Germany and Turkey.

Flight path to growth

LDC invested in 15below in February 2024 to back the management team, led by Co-founder and CEO Nicholas Key, as it further invests in the development of proprietary technology as part of its five-year growth strategy.

In 2024, 15below surpassed 1 billion notifications sent on behalf of some of the world’s most innovative airlines and travel companies, with over 2.7 million messages delivered daily, keeping passengers informed and empowered at every stage of their journey. 

In July 2025, 15below acquired Airport AI, a leading conversational AI platform built for airports, to extend the reach of 15below’s platform into new use cases and accelerate the company’s AI roadmap. The combined solution will improve the air travel experience for millions of passengers worldwide through timely, relevant, and accurate updates.

Uinsure is a cloud-based technology platform that connects financial intermediaries and lenders with a panel of the UK’s leading insurers.

Founded in 2007, the Manchester-based insurtech business enables its customers to arrange cover through a frictionless platform. Its award-winning UinsureCX product tracks an individual’s mortgage progress and triggers communications at the most relevant moments of the mortgage cycle.

Backing an ambitious growth strategy

LDC’s investment and strategic support will increase its market share further, while developing new markets, as well as growing its network of partnerships with intermediaries, major building societies, and banks.

In 2024, LDC backed Uinsure’s management team, led by CEO Simon Taylor, to support the business’ ambitious growth strategy.

PEI Media provides information, analysis and connection for senior professionals in the alternative asset classes of private equity, real estate, infrastructure, private debt and other, newer emerging classes such as agriculture.

Developing the firm’s capabilities

In 2015, we backed a management buyout of PEI Media to support a strong management team led by chief executive Tim McLoughlin in return for a minority shareholding.

Following the deal, the business significantly invested in the development of its digital and content capabilities, enhanced its subscription offering and doubled revenues from its events arm, which now has a portfolio of premium international annual conferences.

As a result, the business grew its revenues by 78 per cent to more than £32m in the financial year ending December 2017, with employee numbers increasing by 30 per cent during the same period.

Kick ICT is Scotland’s largest independent IT managed service provider.

Founded in 2015 and based in Bellshill, North Lanarkshire, the company provides business-critical IT managed, communications and digital transformation services to more than 1,000 customers across a wide range of sectors.

Kick ICT employs over 170 staff and specialises in business and finance solutions from Microsoft and Infor, alongside modern infrastructure, cloud and IT support.

Supporting UK-wide expansion 

Kick ICT has grown rapidly over the last ten years by executing an ambitious acquisitive growth strategy. In November 2023, it made its ninth acquisition – Dundee-based C2 Software Limited – to expand its specialist Microsoft Dynamics offering to customers across the UK.

LDC invested in Kick ICT in December 2023 to help to accelerate the company’s growth through further acquisitions, targeting complementary businesses in Scotland and the North of England. In January 2026, Kick ICT announced the appointment of Steven Brown as CEO, following the planned retirement of Founder Tom O’Hara.

Message Direct is a leading outsourced communications solutions provider to SMEs and large corporates.

Founded in 1994 and based near Bournemouth, it has over 7,600 customers and provides operationally critical 24/7 support in dealing with customer leads and enquiries. The business operates a number of brands including Message Direct, Jam and Verbatim.

LDC invested in Message Direct in December 2023 to back the management team’s organic growth plans, buy-and-build growth strategy, and enable investment in new transformational technology.

As part of the transaction, experienced board members Pete Opperman and Gary West joined Message Direct as Chairman and Non-Executive Director respectively.

Cakesmiths is an independent manufacturer and supplier of artisan handmade cakes. Based in Bristol, it supplies its range to customers across the UK through its direct-to-market online platform and through direct relationships with independent coffee shops.

The business caters to a wide range of palates, including a broad vegan and very-low gluten range, and prides itself on exciting innovation and limited edition ‘small batch’ runs.

Cakesmiths also uses industry-leading reusable and recyclable packaging to keep its products fresh when being distributed to its customers.