A company which helps names such as Sainsburys, Jack Wills and Close Brothers manage their supply chains and audit their assets has today grabbed a £13m investment from LDC, the private equity division of Lloyds Bank.
LDC has taken a majority stake in Kent-based Asset Solutions Group (ASG), while the six-strong mangement team has co-invested to bag themselves a “significant” stake.
ASG was formerly part of OCS Group, the venue management company which has contracts with entities ranging from the Ministry of Justice to the Kia Oval cricket ground.
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“OCS Group has been a supportive parent company which has helped us develop a strong proposition and position in the market,” said ASGs chief executive Lois Heywood.
“With increasing demand for more sophisticated, technology-enabled assurance and audit services from the retail and financial sectors, were now ideally placed to continue our growth and help more customers reduce operating costs.”
Formerly trading as OCS Asset Solutions, ASG also provides vehicle auditing and uses GPS monitoring and near-field communications technology for dealer self-audit services.
Greg Ball, who formerly held board positions with Littlewoods and Home Retail Group, has also been brought in as non-executive chairman.
LDC, which recently backed the £22.5m management buyout of Precision Micro Limited from Meggitt, appears to be on a deal-making drive.
“Were keen to identify more firms where private equity can be the catalyst needed for management to bring the company they run into independent ownership and accelerate its growth with a fresh injection of energy, focus and incentive,” said LDC investment director Rob Schofield.
LDC was advised by PwC and law firm Browne Jacobson.
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