LDC exits vehicle management group Leasedrive
Private equity provider LDC has completed its exit from Leasedrive, the UK’s largest independent privately-owned vehicle management group.
Following the exit, LDC has subsequently re-invested in Leasedrive, retaining an interest in the business as part of a new deal with HgCapital, which has acquired a controlling stake.
LDC originally invested in Leasedrive in August 2008.
Headquartered in Wokingham, Leasedrive Group was established in 1983, a BIMBO transaction was completed in May 2003 and Leasedrive was merged with Velo in 2007, to form one of the largest independent privately-owned vehicle management groups in the UK. The business provides a full range of services including fleet management, contract hire plus short and mid-term vehicle rentals, and is differentiated by its high level of bespoke customer service complemented by industry-leading technology.
Leasedrive has a diverse national customer base comprising mainly blue-chip organisations including PwC, British American Tobacco, Samsung, Countrywide, John Lewis Partnership and Capita.
With LDC’s support, Leasedrive has delivered substantial sales and profit growth during the investment period, including its deal to acquire Masterlease UK in partnership with Investec which completed in December 2010.
Alex Snodgrass, LDC investment executive says: “In Leasedrive, we’ve enjoyed a successful partnership with a high-quality management team of a market-leading business. Against a challenging economic environment, Leasedrive has performed extremely well; growing its market share, securing significant new contracts with key blue-chip corporates and completing the high-quality and strategic acquisition of Masterlease.”
David Bird, managing director of Leasedrive says: “We have enjoyed a close working relationship with LDC for the last five years, during which time they have been a very supportive and engaging partner. They’ve worked closely with our management team, helping to deliver our ambitious growth strategy and we have successfully established a strong foundation upon which to drive further growth and development going forward.”
LDC completed the transaction with support from a number of regionally based advisors, including Ernst & Young, who acted as lead financial advisor to the shareholders, and Osborne Clark.
The transaction with Leasedrive is LDC’s 12th exit of 2013.
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