Major cash boost for Norwich-based Evander glazing and locks
Norwich-based glazing and locks specialist Evander Glazing and Locks has received a significant cash injection to help fuel future growth.
Based at the Broadland Business Park, the company which employs 350 engineers nationally, is the UK's largest 24/7 glazing and locks provider to the domestic insurance industry completing more than 100,000 response and repair jobs a year with revenues of �46m in 2011.
Under a deal announced on Wednesday, the company will receive an undisclosed sum, thought to be worth several million pounds, from two backers private equity group Bridgepoint Development Capital and Lloyds TSB Development Capital (LDC), part of the Lloyds Banking Group LDC.
The deal is a new investment for Bridgepoint Development Capital, and a secondary funding for existing shareholders LDC, who completed the original management buyout of the business from Homeserve plc in September 2009.
Currently, Evander typically partners with insurance companies to supply their policyholders with emergency repair services, normally following a burglary or an accident.
It also serves customers operating in the commercial and social housing sectors, providing contracted maintenance and emergency response services to construction and facility management companies, retailers, banks and local authorities, using its nationwide network to service a client's entire property portfolio.
But the cash injection will explore whether it can offer a direct business to consumer service
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Alan Horton, managing Director of Evander, said: 'I am extremely proud of what has been achieved by the team at Evander over the past few years and the investment support being provided by both Bridgepoint and LDC is an endorsement of the growth strategy we have in place.
'We are determined to ensure that our business continues to provide the service and support expected by all of our existing customers, and to surpass the expectations of new customers that come on board.'
Tim Thomas, partner at Bridgepoint Development Capital, said the company was a clear market leader and is now ready to use its competitive advantage to build market share.
'On the back of an unrivalled national infrastructure and strong customer track record, the Evander management team is now able to look to broaden its customer base,' he said. 'We look forward to working with them to evaluate the potential of the untapped fragmented consumer market with a view to building a meaningful presence in that segment,' he said.
Chris Hurley, Head of Portfolio at LDC added: 'Evander is the market leader for nationwide and emergency response work, and has the potential to further expand its business model into broader consumer markets.
'This investment demonstrates our commitment to supporting the Evander management team in their continued growth and development of the business and especially through their pursuit of growing revenue streams, a strategy that will underpin Evander's continued development and future direction'.