UK-based private equity firm Lloyds Development Capital (LDC) has acquired Angel Springs Holdings Limited (Angel Springs), the largest independent water cooler service provider in the UK, from 3i and the company's management team. Financial details of this transaction have not been disclosed.
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 company 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.
Established in 1981, LDC is a leading player in the private equity mid-market and is able to provide up to US$130 million of funds for buyouts and development capital transactions in UK unquoted companies.
Oaklins Cavendish, based in the UK, acted as financial advisor to the seller in this transaction.
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