UK - BOSIF backs £410m SBO of Apollo from LDC

Bank of Scotland Corporate has backed the £410m secondary management buyout of property services company Apollo from LDC. Bank of Scotland provided an integrated debt and equity package to support the incumbent management team, which along with key employees, holds a 79.5% stake in the newco. LDC acquired Waltham Abbey-based Apollo in June 2006. The value of the deal was not disclosed. At the time of the original buyout, Apollo had a turnover of £160m. Since then, this figure is reported to have risen by a third and staff numbers have grown to 700.