1st – The Exchange in IBO

1st – The Exchange, a Warwick-based e-commerce company focused on the financial services sector, has been sold in a £115 million institutional buy-out backed by LDC.


1st – The Exchange, a Warwick-based e-commerce company focused on the financial services sector, has been sold in a £115 million institutional buy-out backed by LDC.

1st – The Exchange, a Warwick-based e-commerce company focused on the financial services sector, has been sold in a £115 million institutional buy-out backed by LDC, the private equity arm of the Lloyds Banking Group.

LDC has invested £42 million to acquire a controlling stake in the business from technology company Vertex, which will keep a significant share in the company.

The management team was led by managing director David Child, alongside directors Paul Yates and Kevin Budge. Alastair Hazell, former group managing director for Thomson Financial Europe, has been appointed chairman, and will be joined by Ben Gunn and Ivan Martin as non-executive directors.

Child said: ‘We are delighted that LDC has recognised the potential we have to maintain and grow our market leading position.  Together with Vertex, we now have an incredibly strong investment foundation to support and accelerate our future plans.’

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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