LDC acquires minority stake in SMH Fleet Solutions

SMH will explore potential bolt-on opportunities and look to open new facilities across the UK. The company acquired secondhand vehicles company CD Auction Group in 2017.

SMH has appointed former Zenith CEO Andrew Cope as non-executive chairperson as part of the deal. LDC director Andy Lyndon and investment director Chris Handy will also take seats on the company's board of directors.

Company
Worcester-headquartered SMH provides fleet management services including vehicle maintenance, preparation, refurbishment and delivery for automotive manufacturers, rental providers and leasing companies. The company generated a turnover of £42m in 2017, according to a statement.

SMH generated a turnover of £32.2m in 2016, the latest year for which records are publicly available, with an operating profit margin of £3.5m.

People
LDC – Andy Lyndon (director); Chris Handy, Matt Newbol (investment directors).
SMH Fleet Management – Martin McAuley (managing director); Andy Baxter (finance director); Simon Withey (commercial director).

Advisers
Equity – Freeth Cartwright (legal); KPMG (corporate finance); EY (corporate finance).
Company – Gateley (legal); Alantra (corporate finance).

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• Topics
• Expansion
• UK / Ireland
• Support services
• United Kingdom
• LDC
• Alantra
• EY (Ernst & Young)
• KPMG
• Gateley