Sovereign achieves 4.2x on sale of DC Leisure

The GP enjoyed a return of 4.2x money on the original investment. Sovereign bought a 75% stake in the operator of local authority leisure centres in 2003, as part of a £14m acquisition from OCS Group Ltd. The deal comprised a £7m equity injection and a debt facility provided by Lloyds TSB Acquisition Finance.

The exit is the fifth completed by the GP this year, following the sale of LM Funerals to Duke Street in April.

Company
Founded in 1991 and based in Bagshot, DC Leisure is a leisure management contractor. The firm manages around 100 leisure centres on behalf of local authorities across England.

DC Leisure employs 5,800 members of staff.

People
Kevin Whittle is a partner at Sovereign.

Advisers
Vendor - Livingstone Partners, Kristian Gavan (Corporate finance); Nabarro, Ben Hendry (Legal).

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