Debt funding was provided by Royal Bank of Scotland.
The company intends to use the proceeds from the investment to support the management team in its buy and build strategy, targeting complimentary businesses to increase market penetration and expand the existing customer base.
Established in 2003 following the acquisition of three businesses led by existing CEO John Dundon, the company supplies and services more than 45,000 bottled water coolers and mains-fed water coolers to approximately 24,000 customers across the UK. Its customer base includes SMEs, as well as a number of multi-site blue chip organisations, including the BBC, Staples, DHL and Xerox.
Angel Springs currently employs more than 180 staff and operates from a UK wide network of depots strategically located in Wolverhampton, Halifax, Gloucester, Tring and Glasgow, in Kent and Dorset. Its own infrastructure includes a distribution fleet of 60 trucks.
In conjunction with the transaction, Martin Draper, LDC Midlands Managing Director, and Andy Lyndon, LDC Investment Director, will join the company’s board as Non-Executive Directors.