LGV Capital buys ABI
LGV Capital has secured a majority stake in the management buyout of ABI, a UK-based caravan holiday homes manufacturer.
The deal represents an exit for Barclays Ventures. This is LGV's first transaction since the buyout of Amber Taverns in October last year.
LGV has previous experience in the caravan sector, having invested in Bourne Leisure in 1997, then backing the MBO of Rank Holiday in 2004 and securing a majority stake in the £100m MBO of South Lakeland Parks in 2006.
Debt
Barclays, ABI's existing lender, reportedly arranged a £30m senior debt and working capital package to support the transaction.
Company
Beverley-based ABI is a manufacturer of caravan holiday homes, focusing on the UK holiday parks market. The company currently employs around 300 staff.
People
Zoe Clements led the deal for LGV Capital. Mel Cooper is CEO of ABI.
Advisers
Equity - CMS Cameron McKenna (Legal).
Vendors - Livingstone Partners (Corporate finance); DLA Piper (Legal).
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