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Lloyds TSB backs Coppice MBO

Lloyds TSB Development Capital has backed the management buyout of the UK-based food packaging company.

Managing director Doug Hind has led a management buyout at Coppice Group, a Welsh manufacturer of aluminium and board containers for the food industry. The financial details of the deal, which was backed by Lloyds TSB Development Capital (LDC) have not been disclosed.

The deal involved an element of vendor loan but was largely funded by Lloyds TSB, including debt and working capital facilities from Lloyds TSB Acquisition Finance and Lloyds TSB Commercial Finance. The transaction was structured and arranged by KPMG.

Established in 1982, Coppice Group has doubled in turnover since 1998 and now employs 160 people, with annual sales of approximately £18m. LDC received due diligence support from Ernst & Young. Legal advice was provided by CMS Cameron McKenna (equity) and EMW Law (debt).

Lloyds TSB Development Capital, which has 8 offices throughout the UK, invests in medium sized businesses, and provides funding for management buyouts and buy-ins as well as growth capital. In 2001 the firm invested £115m in 28 companies.