Lloyds TSB Corporate has increased its investment remit to incorporate deals in the upper mid-market so it will now be competing for deals with the likes of its larger competitors Royal Bank of Scotland and Bank of Scotland. One such deal the group has recently closed is the leveraged buyout of CAS Services and MDS International by a consortium of private equity houses led by Bridgepoint. Financial details were undisclosed.
Mark Bolshaw of Lloyds TSB Corporate acquisition finance team said of the decision to target larger deals: “It’s basically a continuation of what we’ve been doing. We are still strong at the lower end of the mid-market and are also heavily involved in the syndication market. On the deal origination side we weren’t particularly strong in the upper mid-market and so that was a gap we wanted to fill.”
Nine months ago the group recruited Neil Broadhead from BNP Paribas to run the deal team of four investment professionals who will focus on deals in the £50m to £300m range. This team will also work with the 15-strong deal origination team in London which looks at deals under $50m.