Lloyds arm finally closes in on UK firm

LLOYDS Development Capital (LDC), the private equity arm of Lloyds Banking Group, has finally signed a deal to buy out a home-grown British manufacturer in a deal first disclosed by City A.M. last month.

LDC has bought Benson Group, which makes packaging for household brands such as Neurofen and Asda’s “cheeky monkey cake”, for an undisclosed sum, although a source had estimated the deal’s value at about £70m.

The talks had run into delays, having kicked off in the spring of this year when financing was not as tight. But LDC has finally managed to buy out the Benson family’s two main shareholders, backed by Lloyds and HSBC.

Separately, LDC also sold its majority stake in sports retailer American Golf to Sun European Partners.