Lloyds TSB Development Capital (LDC) has paid £42m for a controlling stake in software firm 1st-The Exchange, in the largest institutional buyout by a private equity group this year.
Current owner Vertex will retain a share in the business and the management team will remain in place. Managing director David Child will retain his position along with directors, Paul Yates and Kevin Budge. Alastair Hazell has been appointed chairman of the board along with non-executive directors, Ben Gunn and Ivan Martin. Hazell was group managing director for Thomson Financial Europe, while Gunn recently retired from running Friends Provident and Martin is executive chairman of Sesame. Paul Sweeny, Vertex chief executive officer, says: “It (the deal) provides Vertex with an ...
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