
LDC exits Cranswick Pet Products
LDC has sold its majority stake in Cranswick Pet Products to Westland Horticulture for £18m.
LDC retained its majority stake in the company's other division, the Tropical Marine Centre, which it plans to exit in 12-18 months after realising growth of recently launched products.
The firm states it has made an "excellent return" on the three-year investment during which sales have increased by 10%. However, the GP declined to give further details until it has exited both divisions.
Previous funding
LDC bought a majority stake in Cranswick Pet and Aquatics Ltd from meat suppliers Cranswick plc for £17m in 2009.
In its three-year holding period the firm worked on a strategic growth plan built around product innovation and efficient manufacturing. LDC also worked on building relationships with new and old customers, which include Pets at Home and Sainsbury's.
The company's turnover increased from £37.5m to £41.3m and it now generates a £4m EBITDA, up from £2.6m in 2009.
Company
Cranswick Pet Products is a trading division of Cranswick Pet and Aquatics Ltd which was launched in 1997. It has 170 staff.
It manufactures food and accessories for birds and small animals in its factory in Driffield, East Yorkshire.
People
John Garner is director at LDC and led the original investment and exit.
Advisers
Equity – Deloitte, David Jones, Nick Carr (Financial due diligence); Browne Jacobson, Richard Cox, Richard Medd (Legal).
Company – Browne Jacobson, Richard Cox, Richard Medd (Legal).
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