LDC hat-trick hints at buyout bounceback

LDC may be leading a buyout comeback with a hat-trick of deals in recent weeks. The firm backed the £20m buyout of claims providers ANSA and Independent Inspection from listed parent company Mavinwood, just a week after announcing its intent to acquire eight radio stations (see page 5), and a month after completing the £17m buyout of bird and fish food supplier Cranswick Pet & Aquatics from listed food producer Cranswick.

The ANSA deal reflects two recent trends: firstly that cash-strapped parents are off-loading sound assets, providing ripe pickings for private equity players; and secondly that equity stakes are increasing - the deal is being supported with a £10.6m package of senior debt and working capital facilities from Yorkshire Bank, with LDC investing £11.6m.

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