Private equity firm Lloyds Development Capital (LDC) has backed the management buyout of shower specialist Aqualisa from RBS and Sankaty Advisors.
The investment by LDC, part of the Lloyds Banking Group, follows 18 months of increased revenue and profit at Aqualisa under the leadership of chief executive officer David Hollander, ex-Dyson managing director.
During this time, a three-year plan to unlock value in the brand, which includes research and development, has begun. It has seen product launches in the digital and electric categories; market share has grown across all categories, it says.
The new ownership allows for increased investment in the next phase of Aqualisa's growth, the company says. New product development and support for customers will be key drivers of the business plan.
Mr Hollander said: “This is a vote of confidence in Aqualisa’s future from both LDC and management. It’s the best possible news for customers, colleagues and suppliers.
“Sankaty and RBS have been very supportive, both financially and with operational expertise over the past three years, consistently showing a strong understanding of our industry and business goals.
“Partnering with LDC will allow us to pursue an even more rapid growth agenda along with our obsession with showers and fast-track our ambitions in the UK.”
Meanwhile, Steve Lee has been appointed non-executive chairman. Mr Lee’s experience includes time working at Bristan, the BMA and Methven.
“I’m impressed with the dynamic management team, their understanding of the category and the iconic name. I look forward to adding value to the future of this great British brand,” he said.