LDC moves into new Yorkshire office to support 'continued growth'
LDC, the private equity investor which is part of Lloyds Banking Group, has announced that it has moved into a new office in Leeds.
The firm’s eight-strong team, led by partner and head of yorkshire, Dan Smith, is now based at 12 King Street in the heart of the city’s business district.
LDC said the new office would ensure it “has the additional space it needs to support the continued growth of the team, whilst providing a variety of workspaces that have been designed to foster collaboration”.
Mr Smith added: “Yorkshire is home to many innovative, growth-focused businesses and our move to a bigger and more contemporary workspace reflects our long-term commitment to continue investing in the region.
"We need a space that not only caters to our team’s needs now, but one that also provides room to support future expansion.
“It’s an exciting time to be doing business in Yorkshire and we’re looking forward to supporting more management teams as they translate their plans for growth into reality.”
The move follows a successful year for LDC in the region.
In 2024, the firm completed a number of new investments including in Pagabo Group, a built-environment software and services firm based in Hull, and fourth-generation family business Bullen Healthcare.
The team also supported growth across its regional portfolio.
This included Hessle-headquartered Boston Energy moving into its new home in East Yorkshire on the back of the business’ continued expansion and Sheffield-based UniHomes picking up a string of awards, including being named as one of the UK’s fastest-growing technology businesses at the Northern Tech Awards 2024.
Last month, LDC announced that it has exited its investment in UK lettings and estate agent platform, Lomond.
LDC announced that it would reinvest in Lomond alongside other investors including ICG.
The firm said the transaction would support Lomond’s continued growth strategy of further consolidation through mergers and acquisitions in its existing markets and provide additional capital to drive expansion into new regions.
LDC originally backed Linley & Simpson in 2018, before merging the regional sales and lettings agency with Lomond Capital in 2020. Since the merger, Lomond has completed 65 acquisitions and grown from 600 to 1,900 employees and from 22,000 properties under management to more than 50,000.
The transaction delivered a money multiple return of 3.5x for LDC.
Speaking at the time, Ed Phillips, CEO at Lomond, said: “We’ve had a superb journey so far with LDC.
"What we’ve achieved together is a testament to the hard work and passion of our people and I am delighted they will remain as a partner going forward.
"To have secured new investment from such a leading investor in ICG underlines the level of ambition of the team at Lomond and our new partner.”