Advent International has acquired the share registration arm of Lloyds TSB for £550m. The deal came about after Lloyds TSB appointed Lehman Brothers to run a sale process. Advent beat off competition from Australian company Link Market Services which is backed by Pacific Equity Partners.
Fund targets companies active in the ready-to-wear, cosmetics, jewellery, accessories, health and lifestyle sectors
This is Cinven VII's third acquisition following the purchase of LGC and Thyssenkrupp Elevator
Buyer is wholly acquiring the company for a debt-free purchase price of around €13.6m
Round follows the company's €24m series-D in November 2019, also backed by Wellington and HBM