LDC gives Evander funding boost
The Birmingham office of private equity house LDC has invested in Evander Glazing & Locks.
Along with Bridgepoint Development Capital, LDC has provided an undisclosed capital boost for the emergency response and repair supplier.
Senior debt funding was provided by HSBC's leveraged finance team in the Midlands.
Evander was bought from Walsall-based HomeServe in a management buyout in September 2009.
The Norwich-based company is thought to be the UK’s largest glazing and locks provider to the domestic insurance industry.
Employing 350 engineers, it generated revenues of £46m in 2011.
Chris Hurley, head of portfolio at LDC, said: "Evander is the market leader for nationwide and emergency response work, and has the potential to further expand its business model into broader consumer markets.
"This investment demonstrates ourcommitment to supporting the Evander management team in their continued growth and development of the business and especially through their pursuit of growing revenue streams, a strategy that will underpin Evander’s continued development and future direction."
