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Property Repair Firms In Buy-Out From Mavinwood Plc

9/6/09

Support services company Mavinwood plc has sold its North West-based emergency property repairs division to a management team in a deal worth up £19.55m backed by Yorkshire Bank and private equity firm LDC. The transaction remains subject only to Mavinwood plc shareholder approval.

Yorkshire Bank will be providing a £10.6m funding package while LDC will be investing £11.6m.

The division is made up of two separate market leading businesses that provide claims validation, management and fulfilment services on behalf of major insurance companies including Direct Line, Norwich Union, Legal & General and Zurich Financial Services.

Oldham-based ANSA is a national drains claims management and fulfilment business, while Preston-based Independent Inspections provides a national validation, restoration and replacement service for damaged carpets and flooring.

The business will now be under the control of a management team led by ANSA’s chief executive Steve Watkins.  He commented: “Yorkshire Bank and LDC’s backing reflects the confidence we all have in our future potential and, looking forward, their support will allow us to strengthen our market leading position, invest for future growth and continue to provide quality service for all our customers, existing and new.”

Peter Smith, director with Yorkshire Bank’s Corporate & Structured Finance team in Manchester, added: “We are delighted to be supporting a first class management team and LDC with this investment. This is a strong trading group, with good growth prospects and established track records in each of its business markets.  This transaction has again demonstrated our appetite, determination and ability to back quality businesses and support our private equity partners.”

The management team were advised by Andy Westbrook and Richard Ibbett of Deloitte whilst Cavendish Corporate Finance acted for Mavinwood. Patrick Keown of law firm Hill Dickinson advised Yorkshire Bank.  Addleshaw Goddard advised the management team.

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