Lloyds Development Capital (LDC), est. 1981. UK's leading mid-market PE firm. Part of Lloyds Banking Group. 126-person team (47+ partners) across 10 regional offices. 2024: £410m invested in 17 new businesses + £40m follow-on (£1.2bn three-year deployed). Portfolio of c.90-100 active companies, 825+ total investments since inception. Key exits include Team17, Mountain Warehouse. Portfolio companies grow 3.3x above national avg. Relationship-driven, flexible minority/majority investment approach.
Investment Thesis
UK mid-market buyouts & growth capital: £10m-£100m initial investments, up to £100m follow-on. Sector-agnostic across Business Services, Consumer, Healthcare, ICT, Industrials, Media, Technology. MBOs, MBIs, development capital. Targets established UK-HQ companies (£10-150m EV, £1m+ EBITDA). Management-led deals critical. Regional expertise + national scale differentiator. Part of Lloyds Banking Group (consistent capital). Backed by committed funding model enabling countercyclical investing.
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