LDC backs MBO of Adler and Allan from Spirit and Maven

The deal saw LDC take a significant minority stake in the company.

Since the investment from Maven and Spirit Capital, A&A has made a number of bolt-ons, including E&S Environmental Services in 2009 and AJ Bayliss Petroleum Engineers in 2011.

Maven's VCTs achieved a 2.6x return on the investment.

With LDC's backing A&A will continue its acquisitive growth strategy and invest in the development of existing products and services.

LDC stated the deal was completed in a short timeframe. It was attracted by the growth rate of both A&A and the industry it serves.

Debt
HSBC provided senior debt to support the LDC transaction.

Previous funding
Spirit Capital, at the time part of Aberdeen Asset Managers Private Equity, invested £8.85m in the management buyout of A&A in June 2007 alongside Maven. The deal was supported by a debt package from HSBC.

Company
Headquartered in Harrogate and founded in 1926, A&A provides oil and environmental services. The company has a headcount of more than 450 and a turnover of more than £60m. In the year prior to Spirit Capital's investment it had a turnover of £28m and employed 220 staff.

People
LDC investment director Dale Anderson and John Garner, who heads up the firm's Yorkshire and the north-east of England activities, will both take seats on the board. Mark Calvert is managing director of A&A.

Advisers
Equity – KPMG, Christian Mayo, Alex Hartley, Dan Smith (Corporate finance, debt, financial due diligence); Squires Sanders (Legal).
Company – Rothschild, Stephen Griffiths, Rob Dunnett, Amy Bashforth (Corporate finance); Walker Morris, Debbie Jackson, Graham MacKenzie, Jo Stephenson (Legal).

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