Acquisition of Volvox Group

Second Deal in a Month for Elysian Capital Elysian Capital 1 LP, the independent private equity fund specialising in the UK lower mid‐market (Notes), has acquired Volvox Group, through a secondary management buy‐out, from LDC Volvox, which is headquartered in Leeds, designs, sources and distributes a wide range of innovative products for the private and commercial markets, including lighting, car accessories, air compressors, portable power products and industrial consumables under the Ring, BMAC, Vanline, and Arctic brands. Its customers include the UK and European after market, where it supplies major retailers and distributors, as well as vehicle manufacturers. Since 2005 sales have risen 60% to £40million in its latest full financial year; Exports have grown from less than £2million to £8million during the same period.

James Cunningham, Operating Partner of Elysian Capital and the new Chairman of Volvox Group, said: "Volvox’s broad penetration of resilient sectors within the £4 billion automotive aftermarket has ensured the company has delivered a robust performance during the recent economic downturn. Its focus on product innovation, such as the first Xenon 100 bulb, value for money and customer service has enabled the group to establish Ring as the premier supplier of lighting and auto‐electricals to the UK market and build a growing reputation in Europe. We are delighted to support the management team as they continue to grow all parts of the business and expand further within Europe".

John Hall, CEO of Volvox Group, said: "We are pleased to be partnering with Elysian Capital as Volvox enters the next phase of its development, building on the strong platform we have created over the last six years. Their operational experience within distribution and automotive markets will, I am sure, help us take advantage of the opportunities that we have identified for new markets, products and customers."

Elysian Capital was advised by KPMG (Leeds and London) for financial, tax, corporate finance and commercial due diligence; Eversheds (Legal); Willis Limited (Insurance); Watermans (Environmental) and The Vendors were advised by Deloitte (Leeds) and Squires Sanders Hammonds (Legal). Management were advised by Squires Sanders Hammonds (Legal) and White Acres (Corporate Finance). Loan Facilities were provided by Lloyds Bank Corporate Markets, who were advised by Pinsent Masons (Legal).

At the start of October, Elysian Capital acquired Durham‐based Tekmar Energy Ltd, the market leading designer and manufacturer of cable protection systems, primarily for the offshore wind sector.