AIM-listed support services group Mavinwood has sold two of its subsdiaries in a management buy-out for a consideration of up to £19.6 million.

AIM-listed support services group Mavinwood has sold two of its subsdiaries in a management buy-out for a consideration of up to £19.6 million.

The MBO, which is backed by Lloyds Development Capital, includes ANSA Holdings and Independent Inspections, both of which provide services to insurance companies such as Direct Line and Zurich.

The sale of the businesses is part of Mavinwood’s strategy of focusing on its document handling business, which encompasses subsidiaries ReStore, Wansdyke and Document Control Services.

Cavendish Corporate Finance advised the vendors on the transaction.