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Unquote
  • Buyouts

LDC backs SBO of Pelsis from Wind Point

  • Kenny Wastell
  • Kenny Wastell
  • @kennywastell
  • 31 August 2017
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LDC has backed the management buyout of UK-headquartered pest control business Pelsis from US-based GP Wind Point Partners.

Financial details of the deal remain undisclosed, though the company generated EBITDA of £2.2m in 2015, according to publicly available documents.

The transaction brings to an end a 12-year holding period for the vendor, which acquired Pelsis's parent business Waterbury Companies in 2005. The GP sold the larger US operations of Waterbury to trade buyer Zep in a $66m deal in September 2010, retaining the UK-based Pelsis assets of the wider group.

Pelsis

  • DEAL:

    SBO

  • LOCATION:

    Knaresborough

  • SECTOR:

    Industrial suppliers

  • FOUNDED:

    1984

  • TURNOVER:

    £23.6m

  • EBITDA:

    £2.2m

  • STAFF:

    270

  • VENDOR:

    Wind Point Partners

Under the vendor's tenure, Pelsis has undertaken an acquisitive growth strategy, most recently bolting on Tanaco in 2016 and Eidalux (then known as SX Environmental Supplies) in 2015. The business will continue to pursue the same approach under its new ownership model.

Debt
BlueBay Asset Management and RBS provided debt facilities to support the transaction.

Company
Founded in 1984 and headquartered in Knaresborough, North Yorkshire, Pelsis distributes pest control products ranging from pesticides and chemicals to traps and deterrents. It operates under the Insect-O-Cutor, Network, Synergetic, Tanaco, Pest-Stop, Edialux, Denka, A Green Way, Luxan and P+L Systems Washroom brands.

According to the aforementioned documents, Pelsis generated a turnover of £23.6m in 2015. The company has a headcount of 270 across 11 locations in Europe, Asia and North America.

People
LDC – John Garner (director); Dale Alderson, Dan Smith, Gareth Marshall (investment directors).
Pelsis – Peter Mangion (CEO).

Advisers
Equity – Deloitte, Martin Jenkins, Anil Gupta, Matt Nicholson (corporate finance); Squire Patton Boggs, Jonathan Jones (legal).
Company – Rothschild, Rob Dunnett, Tim Day, Sam Hall (corporate finance); Reed Smith (legal); KPMG, Chris Stott (financial due diligence).
Management – Walker Morris (legal); Park Place (corporate finance).

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