LDC eyeing £24m ANSA buyout
ANSA, the North West drain management and insurance claims handling firm looks set to return to private hands in a £24m deal.
The Oldham-company, currently part of AIM-listed London company Mavinwood, is believed to be in talks with private equity house Lloyds Development Capital. Its management team is being advised by a team from Deloitte.
Mavinwood bought ANSA in a £25m deal in June 2005, but is now seeking to shore-up its financial position, and last month announced to the City that it was undertaking a strategic review.
ANSA was founded in 1981 as a drain specialist but moved into the insurance claims handling market in 2000. The company, which was previously owned by Gresham Private Equity before the sale to Mavinwood, identifies valid insurance claims and arranges for a site survey before recommending the necessary repairs.
It is understood to be trading well, but was dealt a blow last year when one of its key customers, a major insurer, did not renew a contract, despite a £500,000 investment by ANSA to support it.
Mavinwood said last month it was “exploring a number of strategic initiatives to strengthen its financial position, including consideration of the disposal of certain assets.”
Mavinwood, which also owns Oldham-based Mono Services, has had to raise up to £12.5m in new money and loans from Geraldton Services Inc – one of former Conservative Party treasurer Lord Ashcroft’s companies.
A source familiar with the deal said: “This is a good business, management are buying it well.”
LDC declined to comment on the matter.
