LDC mandates Rothschild to sell Adey - report

The Cheltenham-based company, which makes cleaning and maintenance products for residential and commercial heating systems, is being marketed based on around £20m EBITDA. It generates a turnover of £48.5m.

LDC acquired the company in June 2016, using a €60m unitranche provided by Alcentra.

Adey has undertaken a significant cost-saving review and implemented cash protection measures to mitigate the risks posed by a drop in sales, according to a Companies House filing.

Founded in 2003, Adey is a producer of water treatment equipment for home and commercial heating systems. The company acquired UK-based water testing company Alpha Scientific for an undisclosed sum in June 2019.

LDC has sold several assets so far in H2 2020, including management software provider Mitrefinch, employment law specialist Ellis Whittam, communications technology company Babble and food businesses Addo Food and Winterbotham Darby. The firm received corporate finance advice on the deals from GCA Altium, Clearwater International, Spectrum Corporate Finance and Spayne Lindsay & Co, respectively.

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