LDC takes stakes in Davies and Omega Red

LDC has acquired loss adjusting and associated claims services company Davies Chartered Loss Adjusters in a £27m management buyout. LDC has invested £8.6m for a majority stake, with senior debt facilities provided by HSBC facilitating the deal. LDC had been tracking the business for some time after being introduced to the team by Target Corporate Finance.

Davies is headquartered in London and acts as an intermediary between insurers and policy holders in the event of an accident. The company was founded in 1968 and employs around 400 people across 33 regional offices. Recorded turnover in 2007 was £25m. Richard Stewart and Joanna De Saulles led the deal for LDC.

In a busy few weeks for the firm, LDC also backed the buyout of lightning protection and electrical earthing systems company Omega Red. LDC has taken a 48.5% stake with management holding the balance. Lloyds TSB Corporate Markets provided a senior-only debt package to support the deal. Based in Nottingham, Omega Red designs, installs and maintains electrical earthing and lightning protection systems and recorded turnover of about £13m in 2007. John Garner and Andy Lyndon led the transaction for LDC. (Pages 28 & 29)

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