LDC sells NBS to TA-, Stirling-backed Byggfakta

Katharine Hidalgo
27 November 2020

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LDC has sold its stake in construction software company NBS to trade buyer Byggfakta Group.

The Royal Institute of British Architects (RIBA) has also sold its stake in the company.

Bank of America was given the mandate to run the sale process for the company in September 2020, according to Unquote sister publication Mergermarket. The asset was touted to have a valuation of £300-400m, with Goldman Sachs and Montagu Private Equity among the interested bidders.

Byggfakta is a Sweden-headquartered software provider to the European construction industry, and is backed by private equity firms Stirling Square Capital Partners and TA Associates in 2020.

The acquisition of NBS will enable Byggfakta to expand its product range and its international footprint. NBS is Byggfakta's first acquisition in the UK, and follows the recent acquisitions of Vortal in Portugal and Olmero in Switzerland.

LDC declined to comment.

Previous funding
LDC and RIBA partnered to support the growth of NBS in June 2018, with LDC investing £31.8m to help drive NBS's future product development and international expansion plans. The firm acquired a "significant minority", according to a statement.

During the holding period, NBS established permanent bases in both Canada and Australia, and completed the acquisitions of SCL Schumann and EzySpec in Australia.

Company
Headquartered in Newcastle, NBS is a technology platform for the design, supply and construction of the built environment. It was founded by RIBA in 1970. In 2018, NBS generated £21.5m in revenues and EBITDA of £7.5m, according to Companies House filings. The company now generates EBITDA of £10m, according to Mergermarket, and employs 200 people.

People
LDC – Martin Draper (CEO); Dan Smith (head, Yorkshire).

Advisers
Equity – Goodwin (legal).
Vendor – BofA Securities (corporate finance); Addleshaw Goddard (legal).