BDC joins LDC in Evander

LDC was already invested in Evander prior to the deal. BDC invests via the Bridgepoint Development Capital I (BDC I) fund, a mid-market vehicle launched in 2009 with a £300m target. Evander's management team also contributed to this latest investment. In addition, senior debt funding was provided by HSBC, which backed the initial MBO in 2009.

LDC backed the MBO of the emergency services division of listed home assistance membership business Homeserve in 2009, a deal worth £11m. The business was then rebranded as Evander Group.

Evander will now look to broaden its customer base, and will explore the potential for growth in a fragmented consumer market.

Company
Norwich-based Evander is a glazing and locks provider to the domestic insurance industry. It completes more than 100,000 response and repair jobs per annum and generated a £46m turnover in 2011. Evander currently employs 350 staff.

People
Chris Hurley led the deal for LDC, while BDC was represented by Tim Thomas. Alan Horton is managing director of Evander.

Advisers
Equity - PricewaterhouseCoopers (Financial due diligence); Armstrong (Commercial due diligence); Travers Smith (Legal).
Debt - DLA Piper (Legal).

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• Topics
• UK / Ireland
• Expansion
• Consumer
• United Kingdom
• LDC
• Bridgepoint
• HSBC
• DLA Piper
• PricewaterhouseCoopers