Sovereign Capital backs Lindley buy

London-based investor Sovereign Capital has backed the acquisition of events catering provider Heathcotes by portfolio company Lindley.

UK lower mid-market private equity firm Sovereign Capital has merged sports stadia and event catering business Heathcotes with portfolio company Lindley Catering.
 
The transaction is expected to create an expanded catering company for the UK leisure industry, with a turnover in excess of £40 million (€58 million; $73 million), according to Sovereign Capital.
 
Sovereign Capital said in a release that it provided all of the funding for the transaction and that both businesses will continue to operate under their own brand names.
 
DLA provided legal advice to Sovereign Capital on the deal, with financial due diligence from Haines Watts.
 
Sovereign Capital originally backed the £14 million buyout of Lindley in July 2005 through its Sovereign Capital Limited Partnership I (SCLP I) and Sovereign Capital Limited Partnership II (SLCP II) funds.
 
Stoke-on-Trent-based Lindley provides public and executive catering to 32 football clubs in the UK, including Manchester City and Celtic, as well as several cricket and rugby clubs. The business also provides catering services to theatres and showgrounds.
 
Heathcotes provides catering to clients including Chester and Bangor racecourses, Preston North End football club and Warrington Wolves rugby league club.
 
Founded in 1988, Sovereign Capital has £450 million under management. The firm focuses on healthcare services, education and training, financial services outsourcing and the support services sector.