LDC generates 3x on Angel Springs sale

The deal comes one month after Castik's recommended cash offer for UK-listed Waterlogic, which at a total of £122.6m represented a premium of 58.1% on the company's closing price on 11 November.

Castik is looking to build a global water cooler company.

Previous funding
LDC acquired a majority stake in Angel Springs in 2011 from previous backers 3i, which had held the company for eight years.

In May 2012, LDC supported Angel Springs' purchase of Isis Office Hydration, marking the company's fourth bolt-on.

Company
Wolverhampton-headquartered Angel Springs provides bottled and mains fed water coolers to businesses in the UK. The business operates from 10 locations.

Angel Springs generated turnover of £20m for the year to March 2014, up from £14m in 2011. The business employs 200 people, up from 131 people when LDC initially invested.

People
John Dundon is managing director of Angel Springs. LDC's Birmingham team presided over the investment and exit, led by Andy Lyndon, director and head of the Birmingham office. Michael Phillips is partner of Castik.

Advisers
Equity – Altium, Phil Adams, Paul Lines, Tom Battersby, Richard Clark (M&A).

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• Topics
• UK / Ireland
• Exits
• LDC
• United Kingdom