Lloyds Banking Group in £62m Angus Fire deal
UK firefighting products manufacturer Angus Fire has been bought for £62million by management backed by LDC, Lloyds Banking Group’s private equity arm.
With a turnover of, 250 staff and exports to over 100 countries, Angus was bought from United Technology Corporation, the US conglomerate behind Sikorsky military helicopters and OTIS lifts.
As well as fire hoses, it makes large diameter industrial hoses used in the growing US hydrofracking market.
The backing of LDC, which has invested over £190million in engineering and manufacturing businesses since October 2011, will help Angus capitalise on growing demand from the oil and gas sector.
Its biggest markets are in the Middle East, Asia Pacific and North America.