LDC backs Duncan & Todd's bolt-on of Black & Lizars sites

The transaction comes 13 months after LDC invested £15m for a majority stake in Duncan & Todd in a deal that saw BGF exiting the company. It is the sixth bolt-on transaction since LDC's investment, comprising a total of 15 additional stores.

As part of the transaction, 56 Black & Lizars employees have joined Duncan & Todd. The deal will extend the acquirer's geographic footprint into seven new towns and cities, and increase its overall headcount to 405.

Two Black & Lizars stores in Aberdeen will be rebranded as Duncan & Todd, while the remaining seven – in Perth, Stirling, Dalkeith, Haddington, Helensburgh, Ayr and Troon – will be rebranded as 2020 Opticians and Hearing Care. Duncan & Todd acquired 2020 in a 2015 deal supported by follow-on funding from BGF.

LDC introduced former Bupa Dental managing director David Leatherbarrow as non-executive chairperson at Duncan & Todd following its original investment.

Company
With roots dating back to 1830, Glasgow-headquartered Black & Lizars is an optometrists group. Following the deal, the company will continue to operate 13 stores across Scotland, primarily in Glasgow, Edinburgh and Scotland's central belt.

People
LDC – Colin Bennett (investment director).
Duncan & Todd – Frances Rus (managing director).

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• Topics
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