| Press Releases
24 october 2005
ENTERPRISE FINANCE EUROPE AND BANK OF IRELAND BACK
LLOYDS BRTISH TESTING PLC IN PUBLIC TO PRIVATE DEAL
Midlands-based Lloyds British Testing plc (LBT) has been
taken private in a deal approaching £4 million, with
an innovative funding package provided by Bank of Ireland
(BOI) and asset based lender, Enterprise Finance Europe (EFE)
a division of the Bank of Ireland, in Birmingham.
Previously listed on AIM, LBT is one of the leaders in the
UK for lifting equipment engineering and maintenance. The
Sutton Coldfield-based company has a number of divisions including;
site services, repairs and maintenance, lift equipment repairs
and maintenance, lift gear equipment sales, training services
together with supplying lifts.
LBT’s customers are predominately blue chip and include
Corus, Thames Water, Forth Ports and National Grid. Employing
over 300 staff in 10 locations throughout the UK* [*see notes
to editors], LBT has a £17 million turnover. LBT can
trace its origins back to 1812 when it was set up to test
the strength of wrought iron chain used for securing ships
anchors on behalf of the admiralty.
Commenting on the public-to-private deal, Ian White, LBT’s
chief executive officer said; “The last 12 months have
been very exciting with the business continuing to grow at
a rate of more than 18 per cent per annum. “Now we have
completed the privatisation process, and with the knowledge
of strong financial support from BOI and EFE, we can focus
on our ambitious expansion plans both for the UK and overseas.”
- 2 -
The business was owned by Kone Cranes of Finland up until
1999 when Ian White led a successful MBO with the backing
of LDC. LDC exited in 2001 as LBT floated on AIM with a £6
million market cap. 2004 saw LBT purchase two complementary
businesses; Somers – a material handling business and
Rumney - a crane maintenance business. LBT disposed of its
non-core hire division to Speedy Hire in February 2005, followed
by its powered access division in July 2005.
Andrew Whelan, head of Midlands with Bank of Ireland said
the public to private deal had seen BOI provide initially
a bridging facility and an on-going mezzanine line, whilst
the asset based lending division of BOI - Enterprise Finance
Europe - have provided acquisition and ongoing working capital
facilities.
“Lloyds British Testing is now the leader in the UK
market which puts it in a prime position to capitalise on
its expansion plans,” says Whelan. We’re delighted
to have provided the funding for this innovative public to
private deal which sees us working with our colleagues at
Enterprise Finance Europe in providing a seamless solution
for LBT.”
Enterprise Finance Europe were led by director, Peadar O’Reilly,
who added; “The combination of reconstituting itself
as a limited company, not being in the full glare of the Stock
Market and the flexibility of the ongoing funding provided
by Enterprise Finance Europe, will enable Lloyds British Testing
to go from strength to strength.”
Together with CEO, Ian White (44), the management team includes
Hayden Davis (53) – finance director and Trevor Dale
(63) – managing director.
- 3 -
KPMG corporate finance (Steve Halbert) advised LBT with Gateley
Wareing (Andrew Madden) providing legal advice. Bank of Ireland
and Enterprise Finance Europe were advised by DLA (Brian Woolcock
and Stephen Bottley).
For further information please visit: www.lloydsgroup.co.uk
Enterprise Finance Europe (EFE) operates as an asset based
lender, offering a range of asset-based lending products including:
debtor-finance; stock; plant and machinery facilities; and
as part of an overall asset-backed proposition to companies
with turnover of between £2 million and £100 million.
Supporting businesses during periods of growth, consolidation
and turnaround, Enterprise Finance Europe is particularly
focused on assisting businesses with transactions such as
acquisitions, management buy-outs/buy-ins and refinancing.
A member of the Bank of Ireland Group and with offices in
London, Manchester, Birmingham, Leeds, Bristol, Cardiff, Cambridge,
Solent and Belfast, EFE is a niche-player with strong expertise,
bringing local director-led service, pragmatic and quick decisions,
innovative deal structuring solutions and substantial resources
to a funding opportunity.
Since its launch EFE has extending facilities in excess of
£200 million to support UK businesses in a range of
markets and sectors.
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