TDR, Sun acquire Keepmoat from Lloyds in £400m deal

The deal values the company at £400m including debt, according to the Financial Times.

Keepmoat's debt will be reduced from £290m to £260m as a result of the deal, with Lloyds continuing to provide banking services to the company.

The deal is set for completion by the end of November, subject to regulatory approval.

Previous funding
Bank of Scotland Integrated Finance (BOSIF) provided Keepmoat with an integrated debt and equity package in 2007 to support its £783m MBO – a deal that represented Yorkshire's largest ever buyout.

Subsequently, Lloyds took over from BOSIF as a result of the UK government's bank bailout packages during the financial crisis. The group then acquired a stake in the business in a debt-for-equity swap during a 2012 refinancing.

Company
Headquartered in Doncaster, Keepmoat is a homebuilder and provider of home maintenance and repairs services. The company generated a turnover of £930m in the year to March 2014 and employs 3,000 people across 22 regional offices.

People
Edward Hawkes is a partner at Sun. Stephen Robertson is a founding partner at TDR. Dave Sheridan is CEO of Keepmoat.

Advisers
Management – JP Morgan Cazenove (Corporate finance).

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• Topics
• UK / Ireland
• Industrials
• Buyouts
• United Kingdom
• TDR Capital
• Sun Capital