LGV Capital completes the management buy-out of ABI.
10 November 2011
LGV Capital ("LGV") has successfully completed the management buy-out of ABI (UK) Group Limited ("ABI").
ABI is a manufacturer of caravan holiday homes focusing on the UK holiday parks market. The business is based in Beverley, Yorkshire and employs approximately 300 people.
LGV has backed the existing management team led by Chief Executive, Mel Copper, and including Richard Jones, Dean Hague, Paul Clackstone and Stephen Hardaker.
LGV is a well established provider of private equity in the UK market and part of the Legal & General Group. LGV has a 20 year history of successfully backing management teams in consumer, leisure, services and healthcare sectors.
Commenting on the investment, Zoe Clements, a Director at LGV, said "We are delighted to have completed the investment in ABI. ABI is one of the leading caravan holiday home manufacturers in the UK, with relationships with all the major caravan park operators. We are backing an excellent management team with a proven track record of managing the business through the economic cycle. The business has a leading portfolio of products across all price brackets to suit all customers. We look forward to supporting management to continue to grow the business over the coming years.
"This will be LGV's third investment in the caravan sector. We first invested in the sector with Bourne Leisure in 1997 and then supported the management team in their acquisition of the Rank Holiday business in 2000, culminating in a successful exit in 2004. In 2006 we returned to the sector, backing the management buy-out of South Lakeland Parks, a caravan and lodge park owner, based in the Lake District. We exited this in 2007 and generated a good return for LGV".
ABI's Chief Executive, Mel Copper said: "The board of ABI is pleased to announce the purchase of the entire issued share capital of ABI by LGV Capital and the Company's management team. This is an excellent result for all parties.
For our partners, Barclays Ventures, it provides a successful cash exit and gives LGV, who already have a sound knowledge of our industry, an opportunity to invest in a leading manufacturer.
Our management have invested in the acquiring vehicle and are aiming to continue to develop the business and maintain its position as one of the leading caravan holiday home manufacturers".
Financial advisers to the vendors were Livingstone Partners. Legal advisors for the vendors were DLA, while CMS Cameron McKenna acted for LGV. Barclays Bank remain as lenders to the Company.
Notes to editors
About LGV Capital
LGV Capital is a well-established private equity firm operating in the UK mid-market and part of Legal & General Group. LGV’s investment focus is on backing highly motivated management teams in buyouts and buy-ins of businesses with attractive market positions and strong cash flows.
Sectors where LGV makes investments include leisure, consumer, healthcare and services. LGV has been particularly active in the consumer and leisure sector in recent years, having made investments in such companies as Vue Cinemas, The Club Company, Tragus, South Lakeland Caravans, The Liberation Group, Snow+Rock and Amber Taverns.
LGV Capital: Zoe Clements (020 3124 2909)
ABI: Mel Copper (07803 757811)
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t: +44 (0) 2031 242096
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