Lloyds Development Corporation aiming for record year

9 July 2013

The private equity arm of Lloyds Banking Group is aiming for a record year in 2013.

Reuters reports the company is targeting £400 million worth of agreements this year and has already completed 12 deals worth more than £200 million, including Indian tonic water brand Fever-Tree.

Lloyds Development Corporation typically backs medium-sized enterprises with between £2 million and £100 million in equity and is set to break its spending record for new investment.

The highest amount the firm has spent was in 2011 when it forked out £360 million.

While rivals are cutting the number of deals struck since the financial crisis took hold, Lloyds has continued with them in order to take advantage of low prices and a rise in the number of management teams looking for an exit strategy.

Chris Hurley, one of the regional managing directors at the firm, told the news provider: "We would do more deals if we could. Some of our best returns have come from investing during the downturn."

By Asim Shah

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