National business law firm, DWF, has advised LDC, a leading mid-market private equity house, as it has partially exited its investment in Forrest, the northern social housing regeneration specialist.
The exit follows a secondary buyout backed by Palatine Private Equity and provides Palatine and LDC with a combined majority stake in the business. The transaction also represents a 2.4x return on LDC's original investment.
Bolton-based Forrest is a leading provider of essential refurbishment and responsive maintenance services to the social housing market in the North of England. Since LDC backed the company in 2007, it has seen its turnover grow from £38 million to over £100 million. Forrest has also since launched a new environmental services division, opened a regional service centre in Bolton and has made a number of senior board appointments with the support of LDC. Forrest now boasts an order book worth £1.2 billion after sales grew by almost 50 per cent in 2012.
Jonathan Bell, Director and Co-Head of LDC in the North West, said: "We have supported Forrest's consistent growth in the social housing support services sector and its transition into the leading regeneration specialist in the North of England. We are committed to working with Palatine to continue to support the business as it further develops its environmental services offering and targets new framework opportunities."
Jonathan Robinson, Partner in the corporate team at DWF, led on the deal and commented: "Having worked with LDC and Forrest since LDC's original investment we are delighted to have worked with them on a deal which will enable the business to continue to grow by developing new and complementary service lines"
Jonathan was supported by Darren Ormsby, Nick Hawthorne and Sajeda Motala in the corporate team at DWF.