LDC backs MBO of uSwitch.com

The company's vendor, Forward Internet Group (FIG), has retained a "substantial" minority stake in the company following the transaction. The management of uSwitch.com will also hold a minority stake.

LDC has invested more than £200m in 12 deals so far this year, according to the GP. Recent transactions include the £62m MBO of Angus Fire, an Oxfordshire-based manufacturer of industrial hoses and engineered firefighting systems, as well as the MBO of Hampshire-based Rimor, a provider of subsea oil and gas engineering services.

Previous funding
According to unquote" data, uSwitch.com received £2m in funding from E-Capital Investment in September 2000. However, the company is no longer listed in E-Capital's portfolio.

Company
Founded in 2000, uSwitch.com is headquartered in London and currently employs 135 staff. The company provides a free price comparison site for solar panels, boilers, gas and electricity, TV packages, telecommunications, credit cards, loans, mortgages and insurance. A switching service is also offered via the site.

FIG acquired uSwitch.com from US media conglomerate EW Scripps in December 2009 for $10.3m. Scripps had bought the company for a reported £210m in March 2006, but uSwitch.com then experienced heavy losses in 2007, according to reports.

In June 2011, uSwitch.com acquired Top10.com and incorporated its broadband and mobile web content and comparison tool into uSwitch.com.

Advisers
Equity - Grant Thornton (Financial due diligence, tax).
Vendor - Arma Partners (Corporate finance).

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• UK / Ireland
• Buyouts
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• United Kingdom
• LDC