LDC exits £100m safety products firm
Private equity firm LDC has exited Kee Safety Group in a sale to its management team, a deal supported by Intermediate Capital Group.
The deal marks the end of a 10-year partnership during which LDC supported the management team to increase revenues to more than £100m, an increase of more than 350% since the start of the partnership, as well as helping Kee Safety to increase headcount to 780 people across 10 countries, an increase of more than 400% over the same period.
The transaction also provides an exit for majority shareholder Investcorp.
Established in the UK in 1934 and headquartered in Cradley Heath, Kee Safety is a provider of fall protection and safe access solutions and products associated with working at height. The company has a global presence and sells its products across more than 60 countries worldwide to a broad range of customers, from multinational corporations to distributors and installers.
LDC first backed the Midlands-based business in 2011 and has worked with management to drive growth organically and through a targeted buy-and-build strategy. This has included the acquisition of 27 complementary businesses over the last 10 years, helping to expand its products and services and grow its international footprint in Europe, North America, Asia and the Middle East.
Chris Milburn, chairman of Kee Safety, said: “LDC has played a significant role in supporting our international growth strategy, investing time and resources since they first invested back in 2011. Their partnership with us has been crucial to the on-going success of our business and has provided us with the perfect platform to enhance our global market-leading position.”
Matt Newbold, investment director at LDC, added: “Throughout our 10-year partnership, Chris and the team at Kee Safety have consistently delivered on their ambitious, acquisitive growth strategy. Since we first invested in the business in 2011, the team has successfully grown Kee Safety to become an international leader in its field. We wish them all the best on the next stage of their growth journey.”