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Bridgepoint in the News

09 November 2011

Bridgepoint Development Capital and LDC complete growth capital investment in emergency locksmith and glazier Evander

Bridgepoint Development Capital and LDC have completed an undisclosed growth capital investment in Evander Glazing & Locks, the nationwide 24/7 emergency response and repair provider of locks and glazing.

The transaction is a new investment for Bridgepoint Development Capital, and a secondary funding for existing shareholders LDC, who completed the original MBO of the business from Homeserve plc in September 2009.

Norwich-based Evander, is the UK's largest nationwide glazing and locks provider to the domestic insurance industry. Employing 350 engineers, it completes more than 100,000 response and repair jobs per annum and generated revenues of £46 million in 2011. The company typically partners with insurance companies to supply their policyholders with emergency repair services, normally following a burglary or an accident.

Evander also serves customers operating in the commercial and social housing sectors, providing contracted maintenance and emergency response services to construction and facility management companies, retailers, banks and local authorities, using its nationwide network to service a client's entire property portfolio.

Alan Horton, Managing Director of Evander comments: "I am extremely proud of what has been achieved by the team at Evander over the past few years and the investment support being provided by both Bridgepoint and LDC is an endorsement of the growth strategy we have in place.

"We are determined to ensure that our business continues to provide the service and support expected by all of our existing customers, and to surpass the expectations of new customers that come on board."

According to Tim Thomas, partner at Bridgepoint Development Capital, the company is a clear market leader that operates in a non-cyclical market and is now ready to use its competitive advantage to build market share.

"On the back of an unrivalled national infrastructure and strong customer track record, the Evander management team is now able to look to broaden its customer base. We look forward to working with them to evaluate the potential of the untapped fragmented consumer market with a view to building a meaningful presence in that segment" he said.

Chris Hurley, Head of Portfolio at LDC added:

"Evander is the market leader for nationwide and emergency response work, and has the potential to further expand its business model into broader consumer markets.

"This investment demonstrates our commitment to supporting the Evander management team in their continued growth and development of the business and especially through their pursuit of growing revenue streams, a strategy that will underpin Evander's continued development and future direction".

BDC and LDC have invested alongside Evander's management team. Senior debt funding was provided from HSBC Leveraged Finance team in the Midlands. Advisers involved in this transaction on behalf of Bridgepoint were: PWC (financial due diligence), Armstrong (commercial due diligence), and Travers (legal). DLA Piper provided legal advice to HSBC.

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