2011

Year

Business Services

Sector

Angel Springs Holdings Limited

Client

Lloyds Development Capital

Acquired By

Angel Springs Holdings Limited / Lloyds Development Capital

Cavendish Corporate Finance LLP is pleased to announce it has successfully advised on the sale of Angel Springs, the largest independent water cooler service provider in the UK, majority owned by funds managed by 3i. The purchase was funded by LDC, the leading private equity provider, backing the growth plan of the existing management team with Royal Bank of Scotland providing debt for the deal.

Angel Springs supplies more than 45,000 bottled water coolers and mains-fed water coolers, to approximately 24,000 customers across the UK. Clients include the BBC, Staples, DHL, Xerox and a large number of SMEs. It employs 180 staff and is one of only two national operators that provide both bottled water coolers and mains-fed coolers to supply chilled drinking water.

Angel Springs was established in 2003 following the acquisition of three water cooler businesses led by existing Chief Executive, John Dundon. It has since doubled in size following a mix of strategic acquisitions, organic growth and geographic expansion. The business has considerably strengthened its position in the marketplace through innovation, the development of new products and services, as well as offering superior customer service. LDC’s investment will support a continued buy and build strategy in the fragmented UK market.

Having been appointed by the management and institutional shareholders of Angel Springs in November 2010, Cavendish conducted an extensive marketing exercise generating considerable interest from financial and trade buyers, delivering a successful result for all shareholders.

Bernard Cook, Chairman, said “The Cavendish team were extremely professional in their advice, generating a highly competitive process with some out of the box buyers and managing the intra-shareholder relationships sensitively. We are all delighted with the outcome.”

Jonathan Buxton, Partner at Cavendish, said: “The sale of Angel Springs clearly demonstrates our capability to find unusual bidders to drive pricing and create competitive heat. We were very pleased to have achieved a successful result for both 3i and the management shareholders.”

Key Contacts

Jonathan Buxton

Partner & Head of Consumer

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Michael Jewell

Partner, Healthcare

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