Private equity firm LGV Capital has made an equity investment in the management buy-out (MBO) of ABI Group, a manufacturer of caravan holiday homes.
Private equity firm LGV Capital has made an equity investment in the management buy-out (MBO) of ABI Group, a manufacturer of caravan holiday homes.
Chief executive Mel Copper led the management team in the buy-out that has enabled previous investor Barclays Ventures, part of Barclays Corporate, to exit its investment in the Yorkshire company. The business employs about 300 people.
As part of the transaction, Barclays Corporate provided combined senior debt and working capital facilities of £30 million for ABI to fund its growth plans. LGV Capital has taken a majority stake in the business alongside the existing management team.
LGV, which is part of the Legal & General Group, invests in the consumer, leisure, services and healthcare sectors. It is the firm’s third investment in a caravan-related business after backing Bourne Leisure in 1997 and the management buy-out of South Lakeland Parks, a caravan and lodge park owner, based in the Lake District, in 2006.
LGV director Zoe Clements comments, ‘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.’
‘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.’
Earlier today, the management team of Barclays Private Equity (BPE) announced the acquisition of the private equity division of the high street bank in a buy-out and renamed the business Equistone Partners Europe. Barclays Ventures is not related to the buy-out.
