Pamplona to acquire Pelsis from LDC

In early March, Mergermarket reported that Pelsis had kicked off its sale process with Rothschild advising. The asset was to be marketed based on EBITDA of approximately GBP 20m, with Pelsis having an EBITDA margin of 12-15%.

LDC backed the management buyout of Pelsis from US-based GP Wind Point Partners in 2017. Financial details of the deal remained undisclosed, though Unquote sister publication Debtwire reported that the company was being marketed by sell-side advisers on the basis of a pro-forma EBITDA of GBP 13m (up from GBP 9m in 2015). BlueBay Asset Management and RBS provided debt facilities to support the transaction.

LDC stated that, under its ownership, Pelsis executed a buy-and-build strategy, including the acquisitions of US-based Curtis Gilmour, French pest control supplier Edialux France and California-based Bird-B-Gone.

Pelsis has extended its international footprint and grown its portfolio of brands, with headcount going from 270 to more than 600 people. Its global sales have increased from EUR 87m to EUR 150m, LDC added.

Pamplona closed its fifth PE fund on EUR 3bn in 2017.

Company
Founded in 1984 and headquartered in Knaresborough, North Yorkshire, Pelsis distributes pest control products ranging from pesticides and chemicals to traps and deterrents. It operates under the Edialux, Insect-O-Cutor, B&G, Curtis Dyna-Fog and Pest-Stop brands, among others.

People
Pamplona Capital Management – Martin Schwab (co-managing partner).
LDC – Dale Alderson (head of North West).

Advisers
Equity – Houlihan Lokey (M&A); William Blair (M&A); Kirkland & Ellis (legal).
Company – Rothschild (M&A); DLA Piper (legal); PwC (financial due diligence); OC&C (commercial due diligence).

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• Topics
• Buyouts
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• UK / Ireland
• Pamplona Capital Management
• LDC
• Secondary buyout