LDC backs £62m Angus Fire MBO

The deal saw the creation of Angus Fire through the simultaneous acquisitions of four international trading divisions of UTC: Angus Fire Products, Angus Fire Engineering, National Foam and Eau et Feu.

LDC took a 60% equity stake in the newly created entity as part of the deal. Venture oil and gas investor Epi-V acquired the remaining 40% stake in the company alongside LDC, which is an investor in Epi-V.

The deal was sourced through LDC's advisers and discussions started in October 2012, before reaching completion in June 2013. Lloyds provided senior debt for the transaction.

Epi-V is a £50m venture fund announced in May 2007, according to unquote" data. Its portfolio companies include Scarlet, Moorland Energy, PetroTools, Guardian Global Technology Group and Tarblaster – all acquired between 2008 and 2010. Realised portfolio companies include i-Tec and Brinker Technology.

The investment will be used to grow the company and implement operational improvements.

Company
Angus Fire manufactures fire hoses, industrial hoses, foam concentrates and engineered firefighting systems. The products are sold into the oil & gas, aerospace, firefighting, military, port and utilities sectors. The group also supplies the US shale oil & gas market through the manufacture of large-diameter industrial hoses for the water transfer for hydro-fracking.

Angus Fire, which has been operating for more than 100 years, operates from its production facilities in Bentham, near Lancaster and Thame, Oxfordshire. The division produces foam, hoses and engineering products, as well as engineered firefighting systems. It employs in excess of 250 people.

National Foam serves the US market and produces foam concentrates, fire and industrial hoses as well as firefighting monitoring systems. The group employs 84 people.

Eau et Feu is based in Reims, France, and employs 85 staff. It manufactures small-bore fire hoses and foam concentrates for domestic fire services.

In 2012, the group reported sales of £95.6m across the four divisions. The company supplies more than 100 countries and lists its largest markets as the Middle East, Asia Pacific and the US.

People
Jonathan Bell, LDC director in the north west, has joined the company's board and led the deal alongside investment director Simon Braham. Paul Williams is CEO of Angus Fire.

Advisers
Equity – Deloitte, Andy Westbrook, Richard Ibbett, James Wigglesworth (Financial due diligence); DLA, James Kerrigan, Nick Roomer (Legal).
Management – Clearwater Corporate Finance, Michael Reeves, John Clarke (Corporate finance).
Vendor – Ernst & Young, Tim Morris (Corporate finance).

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