LDC backs Aqualisa MBO

Following the transaction, LDC will support Aqualisa's plans to increase investment in new product development with a view to introduce new technologies to its digital, mixer and electric offerings.

HSBC provided banking facilities for the transaction.

In May 2013, Aqualisa was rescued by its lenders RBS and Sankaty in a deal that saw half of its debt cancelled. The duo agreed to wipe off £15m and £30m of borrowings respectively in return for control of the company.

Company
Aqualisa manufactures digital, mixer and electric showers and accessories. Its products are sold through builders' merchants, distributors and showrooms.

Established in 1976, the company claims to have designed the first digital shower in 2001, Quartz Digital. It has since developed electric showers.

Aqualisa is based in Kent and employs 250 people.

People
David Hollander is CEO of Aqualisa. The deal was led by LDC Birmingham director Andy Lyndon and investment director Ben Snow, both of whom have joined the company's board. As part of the deal, Steve Lee, who has previously worked at Bristan and Methven and is a former president of the Bathroom Manufacturers Association, has joined the board as non-executive chairperson.

Advisers
Management – Springboard Corporate Finance (Corporate finance); CMS Cameron McKenna (Legal).
Vendors – Catalyst Corporate Finance (Corporate finance).
Equity – PwC (Financial due diligence); CiL (Commercial due diligence); Wragge Lawrence Graham & Co (Legal).
Debt – Gateley (Legal).

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