LDC shines with 2.4x lighting exit

The in-house private equity arm of Lloyds Banking Group has secured its eighth exit this year by selling UK lighting company JCC Lighting.

LDC, the buyout arm of Lloyds Banking Group, has sold lighting company JCC Lighting to Leviton, a US-based manufacturing business.

Financial details of the transaction were undisclosed, but the exit generates a 2.4x return multiple for LDC, according to a statement. JCC designs, sources and manufactures light fittings for domestic lighting, office lighting, industrial and retail lighting. LDC invested just under £10 million in the company in January 2008.
JCC sales grew 33 percent in 2012 and are on track to grow 16 percent this year, according to the statement. 

“Specialist engineering and manufacturing remains one of the UK's most dynamic industry sectors,” LDC said in a statement. The firm has an existing equity commitment of more than £250 million to businesses in the sector and has completed more than 130 related transactions during its 30-year history, according to the statement.

With the divestment of JCC Lighting, LDC has secured its eight exit so far this year.  Earlier this month, LDC partially exited Northern social housing regeneration specialist Forrest, selling its stake to Palatine Private Equity and netting a 2.4x return. LDC also sold energy management company Green Sky Energy in September.

In August, LDC sold Avelo, a supplier of sourcing systems to the UK financial services industry, for £210 million, generating the firm a return of more than 2x.. In May, LDC netted a 2.5x return on the sale of vehicle and pedestrian equipment maker Eve Trakway.