LDC invests in GVA Grimley

LDC, the private equity arm of Lloyds TSB, has paid £40m (US$83m) for a significant minority stake in GVA Grimley, a UK commercial property consultancy.

The investment comes as part of a financial restructuring in which GVA Grimley will convert from being a limited liability partnership into a limited company.

RBS and Barclays provided an acquisition finance package and working capital facilities.

GVA Grimley is the seventh largest commercial property consultancy in the UK according to revenue. It provides a range of property-related advice, consultancy and transactions services. In the year to 30 April 2007, the business generated total revenues of £148m and has more than 1,200 staff in 12 regional offices.