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LDC has backed the management buy-out of luggage producer Antler.

The Lancashire-based firm, which has offices in the US and China and annual global sales of £40 million, produces suitcases and luggage under the Antler brand, as well as under the labels Revelation, Bramble & Brown and Gracie Mae. The MBO was for an undisclosed sum.

In addition to the deal, David Benjamin has been appointed CEO, and Terry Stannard appointed non-executive chairman.

Chris Hurley, investment director at LDC, says: ‘Its resilience – having retained its market share in one of the worst climates for consumer goods in several decades and consistently delivered good underlying profits – is a clear signal of its strengths. Now, with the right financial headroom to execute its growth strategy, the company is well placed to take advantage of a recovery in the sector and fulfil its potential at home and overseas.’

The sale process was managed by KPMG and additional funding was provided by Lloyds TSB Corporate Markets.

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