LDC has sold its 40% stake in Prologic, a UK software company for the fashion and lifestyle sectors, for £4.1m. The stake was acquired by holding company Prologic plc, which subsequently floated on the London Stock Exchange’s Alternative Investment Market on July 5. With a market capitalisation of £7.5m, the company has raised £3.2m.
LDC was given £2.6m in cash and £1.5m in consideration shares in a transaction totaling £9m including debt. Both LDC’s and the management’s preference shares were redeemed.
LDC originally invested £1.6m in 1999 to fund an MBO from parent company Comino plc.