Driver Hire deal wins award
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Lloyds TSB Development Capital’s (LDC) investment in Driver Hire, announced earlier this year, has achieved professional recognition from the private equity industry. It was voted ‘Deal of the Year’ at the recent ‘Insider’ Yorkshire Dealmakers of the Year Awards 2011’.
Regarded as the most prestigious award of the evening, the result was announced at a dinner and awards evening held at the Royal Armouries in Leeds. Also in the frame for the prize were were Go Outdoors, Crown Paints, Amco and Aesica Pharmaceuticals.
Led by its Leeds office, LDC acquired a significant shareholding in Driver Hire, providing an exit for Spirit Capital who have backed the business since 2004 (initially as Aberdeen Murray Johnstone Private Equity).
As LDC’s John Swarbrick explained, “the deal was a team effort with debt funding provided by Yorkshire Bank Corporate and Structured Finance. Advisors included Walker Morris, Squire Sanders Hammonds, Grant Thornton, Cobbetts and KPMG.”
Commenting on this latest accolade, Chris Chidley, Driver Hire’s Chief Executive said: “LDC’s financial support and backing was, in itself, a massive endorsement of our business. The fact that a highly respected group of corporate finance professionals have recognised this too is further confirmation of the strength of the Driver Hire brand, its management team, business model and potential for further growth.”