Wragge & Co advises Lloyds TSB Development Capital on MBO

Wragge & Co LLP's Corporate group has advised Lloyds TSB Development Capital Limited on an £11 million management buy-out. The newly incorporated company has acquired FTSE-250 listed HomeServe plc's emergency services business.

Homeserve Emergency Services includes former Homeserve emergency services businesses Glass and Lock, Contents Services and Chem-Dry. Re-branded as the Evander Group, it will be led by chief executive Jonathan Simpson-Dent and former Homeserve emergency services management team members Mark Taylor, Alan Horton and Simon Hancox. HSBC Bank committed debt finance facilities. 

Corporate partner Maurice Dwyer and director Catherine Clarke led a cross-firm Wragge & Co team of more than 25 lawyers. The team included experts in banking, tax, regulatory, commercial, IP, transaction services, pensions and employment. They worked alongside managing director Martin Draper and investment directors Chris Hurley, Paul Figgins, Alistair Pendleton and Andy Lyndon at LDC.

Chris Hurley said: "Maurice and his team have once again delivered on a demanding timescale. Their breadth and depth of legal resource combined with their commercial, positive approach was invaluable in helping us to make this deal happen."

Maurice Dwyer said: "LDC needed a team with the expertise and resource to co-ordinate and deliver what was a complex transaction within a very demanding timescale."

LDC is a UK-based private equity company in the mid-market. It is part of the Lloyds Banking Group and is authorised and regulated by the Financial Services Authority. Earlier this year, Wragge & Co advised LDC on Orion Media Holdings Limited's acquisition of eight Midlands radio licenses from Global Radio.

HomeServe plc provides home emergency policy cover to 4.3 million consumers in five countries, backed by a 24-hour claims handling and national repair network. Paul Harkin and Nicole Livesey at Pinsent Masons provided legal advice to HomeServe. Lee Clifford of Freeth Cartwright advised HomeServe's management team.

Wragge & Co's 70-strong Corporate group is a national practice boasting specialists in mergers and acquisitions, private equity, IPOs, joint ventures, public takeovers, share schemes, complex corporate structuring and tax. Together they advise a range of public and private companies from global brands to small and medium size enterprises.