The management team of the independently-owned express parcel carrier company, ANC Group, has completed a £37.3m new funding arrangement with the backing of LDC. Backed by LDC and led by ANC Group CEO Mark Gittins, the current management team has bought a 50% stake previously held by institutional shareholders. The deal sees the management’s equity increase to 73.75% with LDC securing 26.25%.
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