Legal & General sells ABI Group
Legal & General Capital (“LGC”), has successfully sold, through LGV Capital, its majority investment in ABI Group Limited (“ABI”) to CBPE Capital LLP (“CBPE”). Terms of the transaction have not been disclosed.
ABI is a leading manufacturer of caravan holiday homes and one of the most highly regarded and established brands in the caravan holiday home industry. The company manufactures its caravan holiday homes in Beverley, East Yorkshire where it employs over 400 people. ABI is the second largest supplier into the UK market by volume and supplies all of the major holiday park groups, as well as smaller groups, independent parks and a number of dealerships in the UK market.
ABI’s Chief Executive, Mel Copper said: “The board of ABI is pleased to announce CBPE’s investment in ABI, alongside the Company's management team. This is an excellent result for all parties.
“For our former partners it provides a successful cash exit and we are delighted that CBPE, who like LGV, have a strong pedigree in the sector, have agreed to support the business in the next stage of its development. We would like to thank LGV for their support over the past four years and look forward to a successful relationship with our new investors.
“We look forward to continuing to develop the business and building on our position as one of the UK’s leading caravan holiday home manufacturers”.
Michael Mowlem, for LGV, commented: “ABI has been an excellent investment and we have seen, during our ownership, strong growth in its marketplace. The sale of our majority shareholding to CBPE brings to an end our long heritage of supporting businesses in the holiday homes sector, with successful investments in Bourne Leisure and South Lakeland Parks prior to ABI. We are pleased that our interest in the business will pass to an investor also steeped with experience of the sector. We would like to thank the entire senior management team led by Mel Copper and all the staff in Beverley for their hard work in making this a successful investment for all stakeholders. We wish them well for the future and are confident of their continued success.”
For further information, please contact:
Legal & General Group
Richard King, Head of Group Corporate Communications
Tel: 020 3124 2095
Tel: 020 3124 2000
Notes to editors:
Legal & General Group Plc
Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £14.0bn (as at 31 March 2016) and is responsible for investing £746bn worldwide (as at 31 December 2015) on behalf of investors, policyholders and shareholders. We have over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance. In 2015, Legal & General's operating profit (on the IFRS basis) was £1,455m and adjusted earnings per share were 18.58p for the period, a year on year increase of 14% and 11% respectively.
Legal & General Capital
Legal & General Capital (LGC) focuses on direct investments in four key sectors: UK Housing, UK Urban Regeneration, Alternative finance and Clean Energy. These reflect our aim to invest for the long term in economically and socially useful assets, to secure competitive returns and to create new asset classes for Legal & General’s varied investment requirements, for our partners and for the wider marketplace. We work closely alongside other businesses within Legal & General to ensure the broadest range of skillsets are deployed on any project and to utilise principal investment and asset management synergies across the Group. Investments to date have included CALA Homes (housebuilding), Media City/Salford (urban regeneration) and Pemberton (Alternative finance).
For more information on Legal & General, please see http://www.legalandgeneralgroup.com/
Forward looking statements
Nothing in this announcement should be construed as a profit forecast. This document may contain certain forward-looking statements relating to Legal & General Group, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General's control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General Group's actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this document or any other forward-looking statement it may make.