LDC bags Antler deal
Who?
Private equity firm LDC.
Did what?
Has backed the management buyout of leading luggage brand Antler for an undisclosed sum.
What does this mean?
LDC’s Birmingham’s investment director Chris Hurley led the transaction. Antler, which is headquartered in Bury, Lancashire, and has offices in the US and China, designs, sources and supplies suitcases, holdalls, rucksacks, suit and laptop carriers, and business cases under the Antler brand as well as Revelation, Bramble & Brown and Gracie Mae. Following the deal, the management team plans to consolidate the brand’s position in the UK luggage market and accelerate sales in several major international markets, including Australia and the Far East. The existing team has also been strengthened with the appointment of chief executive officer David Benjamin, whose experience includes senior marketing and management roles with premium consumer brands. Terry Stannard, a non-executive director with extensive experience of private equity-backed companies and a former CEO of several listed businesses, has also been appointed non-executive chairman. Hurley said: “Together, Antler’s brand recognition, product quality, multi-channel distribution model and established supply chain in the Far East creates a major opportunity to increase its penetration of the global travel goods market.”
Insider comment:
This deal is the worst kept secret in Manchester corporate finance circles and has been fraught with complexities involving Antler's pension liabilities. After talk with LDC were out on hold in late March to explore further options for the business many were questioning what would happen in the event it was actually sold on.
While the terms of this deal are not clear at this stage the expectation is that it will include the shedding of an £8m pension liability. Insider still understands this would be the ‘best’ result for the business in terms of its trading prospects and ability to continue as a going concern. We will bring you more as we get it.
