LDC backs Stuart Turner MBO

Following the deal, Stuart Turner will undertake an acquisitive growth strategy and target international expansion. In the past two years, the business has acquired TWS and Allan Aqua.

As part of the transaction, Stuart Turner non-executive director Steve Lee has been appointed non-executive chairperson. Former Grundfos regional managing director Duncan Cooper, who led operations in Europe, Africa and the Americas at his former employer, has also been appointed non-executive director.

The deal is LDC's fifth investment in the Midlands since the start of 2017 and follows the MBO of savoury pastry business Addo Food Group from Vision Capital in April.

Debt
Barings and RBS provided debt facilities to support the transaction.

Company
Founded in 1906 and headquartered in Henley-on-Thames, Oxfordshire, Stuart Turner produces and distributes pumps for low water pressure, including shower pumps, macerators and whole-house water-pressure-boosting pumps.

The company has a headcount of around 100 and generated a turnover of £22m in the year ending September 2016, according to a statement issued by the GP. According to publicly available documents, it generated £6.9m in profit before taxation in its most recent financial year.

People
LDC – Matt Newbold (investment director); Andy Lyndon (director).
Stuart Turner – Mark Williams (CEO); Malcolm Harris (financial director).

Advisers
Equity – Eversheds (legal); Clearwater International (corporate finance); KPMG (financial due diligence); CIL, Sebastian Chambers, James de La Salle (commercial due diligence).
Vendor – Orbis Partners (corporate finance); Gateley (legal).

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