A trade sale for LDC has seen the private equity arm of Lloyds Bank close its eighth exit of 2013.
Portfolio company JCC Lighting has been sold to US electrical manufacturer Leviton by mid-market investor LDC.
The divestment follows on from a five-year backing of the lighting fixtures business which began in January 2008 when LDC supported a management buy-out worth £10 million.
By acquiring JCC, Leviton is reportedly gaining a presence in the UK market and a base from which to expand in Europe.
Despite the disposal being made for an undisclosed amount, LDC reveals that it has returned 2.4x money.
Richard Adey, executive chairman of JCC Lighting, says that his business and LDC have had a successful relationship which has helped it to grow.
‘Our strategy of focusing on innovation, a tighter product range and LED technology has helped deliver strong sales growth and enhanced profitability,’ Adey adds.
‘We look forward to developing the next generation of intelligent lighting systems of our new parent Leviton.’
Adey, a former PwC senior consultant, has led JCC’s expansion under the backing of LDC since 2011 – centred on product innovation. The business has, besides focusing on LED technology, revised its marketing strategy and developed more ‘impactful’ merchandising.
More on LDC:
- MBO for Node4 sees non-executive experience from IBM added
- LDC backs £50 million MBO of Bluebrid and Coq d’Argent owner
- LDC brings in new MB Aerospace backer
Donald Hendler, CEO of electoral wiring equipment business Leviton, comments, ‘The acquisition of JCC is a strong strategic move, giving us a significant presence in the UK and a good base for further expansion in Europe.
‘Leviton has built our reputation on innovation and product development, so it strategically made sense to add a market-leading advance lighting solutions business like JCC.’
Over the course of 2013, LDC has committed £350 million through 18 transactions as well as eight exit deals.
Earlier in October LDC achieved a partial exit when Palatine Private Equity invested £16 million into social housing contractor Forrest. Other new investment deals have seen the firm add The Training Room, software company Validus-IVC and engineering business Rimor to its portfolio.