LDC sells Amberon to H2 after 17-month holding

Kenny Wastell
04 December 2018

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LDC has sold its stake in Amberon, a UK-based provider of temporary traffic lights and roadworks signage, to H2 Equity Partners after a holding period of just 17 months.

Financial details of the transaction remain undisclosed, though H2 is currently investing from £200m vehicle H2 Equity Partners Fund V, which closed in 2016.

The transaction comes shortly after the business acquired fencing contractor Barrier Services. It also opened six new depots following LDC's investment – consequently expanding its geographic remit from an original focus on south-west England and Wales – and expanded both its headcount by 50 and its fleet of vehicles by 50.

According to a statement issued by the vendor, Amberon increased its turnover by 23% to £37.5m during its short tenure.

Amberon's current management team will continue to lead the business under its new owners.

Previous funding
LDC invested in the management buyout of Amberon in July 2017, acquiring a majority stake in a £25m funding package that included a debt facility from HSBC.

Company
Founded in 2002 and headquartered in Paignton, Devon, Amberon provides temporary traffic lights and roadworks signage. It has a headcount of 550 and a fleet of around 400 vehicles operating from 24 depots.

People
LDC – Simon Hemley (investment director); Andy Lyndon (head of south-west and Wales).
Amberon – Terry Musson (managing director).

Advisers
Vendor – Deloitte (corporate finance); Burges Salmon (legal).
Company – EY (corporate finance); Blake Morgan (legal).
Acquirer – Squire Patton Boggs (legal).