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.’