RCapital acquires Independent Group from LDC

The transaction includes the provision of working capital facilities to fund the UK company's growth strategy.

Upon completion of the deal, Independent Group CEO Alan Horton will take on the role of executive chairperson. Stuart Pace will be promoted from senior business analyst to CEO, while managing director Andy Smith will take on the role of COO.

Under LDC's tenure, the company undertook a buy-and-build strategy, acquiring carpet and upholstery cleaning business Chem-Dry from Evander Group in 2011.

Previous funding
LDC acquired Independent Group (then known as Ansa and Independent Inspection) from listed parent company Mavinwood in June 2009, in a deal valuing the business at £20m.

Company
Founded in 1998 under the Ansa brand, Preston-headquartered Independent Group provides claims validation and repairs for UK insurance companies. It focuses on claims related to flooring and furniture, fire and flood restoration, as well as drainage.

Independent Group has a headcount of 500 and a client roster including Direct Line, Norwich Union, Legal & General and Zurich Financial Services.

People
RCapital – Chris Campbell (director).
Independent Group – Alan Horton (executive chairperson); Stuart Pace (CEO); Andy Smith (COO).

Advisers
Equity – Deloitte (corporate finance); Eversheds (legal).
Company – Addleshaw Goddard (legal).
Debt – DLA Piper (legal).
Management – TLT Solicitors (legal).

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• Topics
• Exits
• Buyouts
• UK / Ireland
• Support services
• United Kingdom
• RCapital
• LDC
• Secondary buyout