This is LDC’s second significant exit of 2011 following the sale of Ascend to Reed Elsevier in June. Also this year LDC has completed seven new investments in UK mid-market businesses investing over £166m cumulatively valued in excess of £350m.
LDC managing director for Southern Region Yann Souillard said at the time of the original MBO he was impressed with the high caliber of the management and convinced that the company was poised for further exciting growth.
"Motorclean has more than matched those expectations and I think the company is an excellent illustration of the success of LDC’s investment philosophy of supporting management teams and adding value to our investments. In Matrix, the company has the ideal partner to facilitate its future success," Souillard said.
The deal is a secondary management buy-out (MBO) of the business as LDC backed the original MBO of Motorclean in 2005.
Motorclean has annual revenues of £22m and operates at around 300 sites in the UK. Matrix has invested £6m as a combined debt and equity package alongside a commitment from Lloyds Commercial Finance.
Matrix said that it will also explore possible acquisition opportunities in what is a consolidating market.
