LDC backs Adey MBO

Adey CEO John Vaughan led the MBO with the aim of raising capital to fund the firm's expansion into the US, Asia and eastern Europe, as well as strengthen its market position in existing active geographies.

As part of the deal, LDC investment director Alistair Pendleton – who led the deal for the GP – will become a non-executive director on Adey's board.

Company
Founded in 2003, Adey is a producer of water treatment equipment for home and commercial heating systems.

The company generated £46m of revenue in 2015.

People
LDC – Alistair Pendleton (investment director).
Adey – John Vaughan (CEO).

Advisers
Equity – Osborne Clarke (legal); KPMG (corporate finance, financial due diligence, tax); RSM (corporate finance).
Management – Squire Patton Boggs (legal); Isca Ventures (corporate finance).
Vendor – Squire Patton Boggs (legal); Deloitte (tax).

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