LDC invests £24m in SRL MBO

Crescent Capital Group co-invested from its Crescent European Specialty Lending fund, and also provided unitranche financing for the acquisition. The fund closed on €650m in 2015.

The buyout was led by SRL's existing CEO, Richard Tredwin, and his management team, which includes hire division managing director Malcolm Johnstone, commercial director Alison Spooner, manufacturing director Peter Almond and Urban 64 managing director John Cleary.

LDC investment director John Clarke and senior director Ged Gould will join the company's board.

The deal is the LDC Manchester team's third in 2019. LDC's sole investor, Lloyds Banking Group, is supporting LDC's commitment to deploy £1.2bn in the next three years.

The investment in SRL will allow it to expand its fleet, increase manufacturing capability and broaden its service offering. The company will also pursue a buy-and-build strategy.

The company reported a turnover of £18.4m in its last financial year.

Company
The company manufactures and distributes temporary pedestrian and traffic light systems. It also offers support and maintenance services for customers. Headquartered in Cheshire, SRL operates 26 depots across the UK and employs 140 people. The company was founded in 1997.

People
LDC – John Clarke (investment director); Ged Gould (senior director); Kelsey Bayley (investment executive).
Crescent Capital Group – Christine Vanden Beukel (managing director).
SRL Traffic Systems – Richard Tredwin (CEO); Malcolm Johnstone (managing director, hire division); Alison Spooner (commercial director); Peter Almond (manufacturing director); John Cleary (Urban 64 managing director).

Advisers
LDC – KPMG (corporate finance); Pinsent Masons (legal).
Vendor – Gunnercooke (legal).
Debt – Addleshaw Goddard (legal).
Management – Clearwater International (corporate finance, debt advisory); DLA Piper (legal).

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• Buyouts
• UK / Ireland
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• United Kingdom
• LDC