Pet food and animal products business Cranswick Pet Products has moved from private equity backing to trade ownership.
Lloyds Development Capital (LDC) has exited its three-year investment in Cranswick Pet Products in a deal with Westland Horticulture worth £18 million.
In May 2009 LDC let a £17 million management buy-out of Cranswick Pet and Aquatics, consisting of Cranswick Pet Products (CPP), which manufactures wild bird food products and accessories, and the Tropical Marine Centre (TMC), a division that supplies tropical marine fish.
During the three years of LDC’s involvement, CPP’s sales increased from £37.5 million to £41.3 million. LDC has held onto its majority stake in TMC and will continue to develop the business under the directorship of Paul West.
Jon Gamer, director at LDC, comments, ‘Westland Horticulture represents an excellent outcome for CPP and provides the business with a great platform from which to build further upon their existing growth strategy.’
The transaction is the second for LDC during April following its support of portfolio company MB Aerospace in its acquisition of Thomson Aero.
Its other 2012 exit came in the form of its sale of lingerie and swimwear business Eveden via a deal worth £148 million.