LDC, the private equity arm of the Lloyds Banking Group, has backed the management team of 1st – The Exchange, a provider of technology and e-commerce solutions to the financial service
LDC, the private equity arm of the Lloyds Banking Group, has backed the management team of 1st – The Exchange, a provider of technology and e-commerce solutions to the financial services sector.
As part of a GBP115m transaction, LDC has invested GBP42m to purchase a controlling stake in the company, from Vertex, the UK’s second largest provider of outsourced business services and technology solutions. Vertex will still retain a significant share in the business.
The management team will be led by current managing director, David Child (pictured), along with existing directors, Paul Yates and Kevin Budge. Alastair Hazell has been appointed as chairman of the board along with non-executive directors, Ben Gunn and Ivan Martin. Hazell was group managing director for Thomson Financial Europe, Gunn recently retired from running Friends Provident and Martin is executive chairman of Sesame Group, the UK’s largest IFA network.
1st – The Exchange provides a suite of technology solutions, software and consultancy to the financial services industry throughout the UK.
Child says: ‘We are delighted that LDC has recognised the potential we have to maintain and grow our market leading position. Together with Vertex, we now have an incredibly strong investment foundation to support and accelerate our future plans.’
Daniel Sasaki, director at LDC says: ‘1st – The Exchange is a great business, with a strong management team and dynamic potential. We believe that by combining our specialist experience with the existing proposition, we can help to support the growth of 1st – The Exchange and help it achieve its true potential.’
