LDC stymied in Antler sale
THE sale of luggage brand Antler has been put on hold, TheBusinessDesk.com can reveal.
It is understood the £40m turnover Bury company is no longer in exclusivity with the Birmingham office of private equity house LDC, and has instead asked KPMG to conduct a strategic review.
A sale of the business, which employs 300 people, is understood to still be on the agenda, but this will be some weeks off. Sources say it is possible that the firm may go through a pre-pack administration due to a pension fund deficit.
Confirmation that the status quo is being maintained – for the time being at least- is set to be contained within Antler’s accounts for 2008, which are due to be filed this week after being delayed by the original sale process.
Interest in the business was high with more than 20 inquiries. Turnaround fund Endless and NGBI Private Equity were on the final shortlist along with LDC’s Birmingham office, which bid just over £17m to win exclusivity.
A number of specialist turnaround players including John Moulton’s Better Capital, and NorthEdge Capital also tabled offers for Antler.
No reason was given for the sale process being halted, although it is understood that LDC’s investment committee met late last week and a decision was made not to proceed.
The company’s accounts for 2008 were due at Companies House on October 31 last year, but have yet to be filed. In 2007 the firm made a profit of £2.7m on sales of £41.4m and held around £30m of debt.
The business is 80% owned by Barclays Private Equity after a £40m secondary buyout in 2004. Lloyds Banking Group is owed around £15m of debt.
Antler traces its roots back to 1866 when Birmingham inventor James Boultbee Brooks began making leather bicycle saddles. His family adopted the Antler trademark in 1920. The company opened its headquarters to Bury in 1962.
