Posted by James Worrall, Partner
Royds Withy King advises on MBO at homewares distribution company – and secures new owner for Wesco distribution arm in Bath
The Corporate team at law firm Royds Withy King in Bath has advised on the management buyout of kitchen and furniture fitting and accessories provider LDL Components Ltd and on the subsequent acquisition of its Wesco product distribution business, for …
The Corporate team at law firm Royds Withy King in Bath has advised on the management buyout of kitchen and furniture fitting and accessories provider LDL Components Ltd and on the subsequent acquisition of its Wesco product distribution business, for an undisclosed sum.
Led by partner James Worrall, Royds Withy King advised LDL Components’ shareholder Matthew Lord on the terms of the sale of LDL to managing director Simon Ogden and his management team. Royds Withy King also advised on the subsequent acquisition by Mr Lord’s company ML Living (UK) Ltd of the central Bath-headquartered Wesco product distribution arm of LDL Components, immediately after completion.
Commenting on the deal, Matthew Lord said: “This is an exciting new chapter for both ML Living and for LDL. From our customers’ perspectives it will be very much business as usual. I’d like to thank Royds Withy King for their role in making it happen.”
James Worrall said: “This was a complex deal with lots of moving parts. It was a pleasure working closely with Matthew Lord to achieve the outcome he was looking for. We are seeing an increasing number of MBOs taking place, particularly in the manufacturing and distribution sectors. It’s great to see so much activity and the positivity in this area being borne out by management teams wanting to take their businesses forwards. In the wider market we are seeing real optimism from businesses here in the South West and our colleagues in Oxford and London are reporting a similar picture.”
LDL, which was established in 2003 and has a base in Peasedown, near Bath, serves kitchen and bedroom manufacturers and retailers throughout the UK. Its customers include well-known brands such as BLUM drawer and hinge components, PEKA Swiss storage solutions, WESCO waste bins and Furnipart Danish handles.
The MBO of LDL was financed by Lloyds Bank and Lloyds Invoice Finance. Jon Davage and Robin Hastings from Bermans advised LDL’s management team whilst David Engwell (Corporate Counsel) acted for other members of LDL’s previous shareholder group.
For further information, please contact Natalie Birrell or Anna Arakcheeva at Royds Withy King on:
01225 730100 Email us