LDC backs Rhino Products MBO

LDC said in a statement it has committed to support Rhino with additional funding to further enhance its market share in the UK and internationally. The growth strategy will partly rely on buy-and-build.

LDC's John Clarke will join the board as non-executive director. As part of the deal, Gary Jacobson will also join the board as non-executive chairman – he was formerly CEO of Bifold Group, a manufacturer of instrument valves and pumps.

Banking facilities were provided by HSBC.

LDC declined to comment further.

Company
Headquartered in Ellesmere Port, Cheshire, Rhino was founded in 1997. It designs and manufactures external load-carrying and restraint systems for light commercial vehicles. Its products are designed to address health and safety concerns of major fleet owners, and the company also targets SMEs.  It has two factories in the UK, and further dedicated sites in the Netherlands, Poland and Sweden.

People
LDC – John Clarke (investment director); Jacob Leone (investment manager); Dale Alderson (head of north-west).
Rhino Products – Steve Egerton (CEO).

Advisers
Equity – Grant Thornton (corporate finance, financial due diligence); Hill Dickinson (legal); CIL (commercial due diligence); KPMG (tax); GCA Altium (debt advisory).
Company – GCA Altium (corporate finance); DWF (legal).

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