Water cooler moment as Angel Springs secures LDC investment
WOLVERHAMPTON-based Angel Springs, the largest independent water cooler service provider in the UK, has secured a ‘significant’ investment from private equity provider LDC.
The deal was led by LDC’s investment director Andy Lyndon, together with Alistair Pendleton. Mr Lydon and LDC’s Midlands MD Martin Draper will join the board as non-executive directors.
Browne Jacobson acted as legal adviser to LDC and Gateley acted as legal adviser to Angel Spring’s management team. PwC provided financial due diligence and debt funding came from Royal Bank of Scotland.
Angel Springs is one of only two national operators to provide both bottled water coolers and mains fed coolers to supply chilled drinking water.
LDC said its investment will help support the management team’s ‘buy-and-build’ strategy, targeting complimentary businesses to increase market penetration and expand the customer base in a highly fragmented market.
Established in 2003, the company supplies and services more than 45,000 bottled water coolers and mains-fed water coolers, to 24,000 customers in the UK. Clients include the BBC, Staples, DHL and Xerox. It employs more than 180 staff.
Angel Springs chief executive John Dundon said “LDC’s investment reflects the confidence we both have in our future potential.
“We anticipate that LDC’s support will allow us to further strengthen our market leading position, invest for future growth both organically and through acquisitions, as well as continuing the provision of high quality service for all our customers, existing and new.”
Mr Draper said: “This deal represents the fifth transaction completed by LDC’s Midlands’ team in 2011 and confirms our long term commitment to supporting regionally based mid-market businesses with ambitious growth plans.”
