LDC, a mid-market private equity house, is backing the MBO of Ansa Holdings and Independent Inspections Holdings from listed parent company Mavinwood in a transaction worth up to GBP19.
LDC, a mid-market private equity house, is backing the MBO of Ansa Holdings and Independent Inspections Holdings from listed parent company Mavinwood in a transaction worth up to GBP19.55m.
The transaction remains subject only to Mavinwood shareholder approval.
Ansa, based in Oldham, and Independent, which is based in Preston, are providers of claims validation, management and fulfilment services on behalf of the UK’s leading insurance companies. Customers include Direct Line, Norwich Union, Legal & General and Zurich Financial Services.
LDC, the private equity division of the Lloyds Banking Group, is investing GBP11.6m in the new company and will hold a majority equity stake. The management team, led by chief executive Steve Watkins, will also become shareholders at completion.
The deal was led by Jonathan Bell and Carl Wormald from LDC’s Manchester office. Subject to completion, Bell will take a seat on the new company’s board.
Watkins says: ‘LDC’s investment reflects the confidence we both have in our future potential and, looking forward, their support will allow us to strengthen our market leading position, invest for future growth and continue to provide quality service for all our customers, existing and new.’
The proposed transaction is being supported by a GBP10.6m package of senior debt and working capital facilities from Yorkshire Bank.
