Angel Springs heats up with LDC deal
LDC has invested in Wolverhampton-based water cooler service provider Angel Springs. The Birmingham office of the private equity investor struck the deal to support the company's 'buy-and-build' strategy.
Angel Springs, which employs 180 people, provides both bottled water coolers and mains-fed coolers to supply chilled drinking water.
The company said it is now set to expand through acquisition, targeting businesses to increase its market position and grow its existing customer base.
Established in 2003 following the acquisition of three water cooler businesses, Angel Springs has doubled in size following a mix of acquisitions, organic growth and geographic expansion.
The investment deal was led by investment director Andy Lyndon, together with Alistair Pendleton.
Lyndon, alongside LDC Midlands managing director Martin Draper, will join the board as non-executive director with immediate effect.
Draper said: "This deal represents the fifth transaction completed by LDC’s Midlands’ team in 2011 and confirms our long term commitment to supporting regionally based mid-market businesses with ambitious growth plans.
"The transaction demonstrates the strength of the Midlands-based advisory and funding community, who have successfully delivered a great result within a tight timescale."
Law firm Browne Jacobson acted as legal adviser to LDC while Birmingham-based Gateley was legal adviser to Angel Spring’s management team.
PwC provided financial due diligence and debt funding came from Royal Bank of Scotland.
