Wragges lands first deal for Lloyds TSB

Wragge & Co has scooped its first ever deal for Lloyds TSB Development Capital (LDC).

A team from the firm’s Birmingham office, led by London-based private equity partner Maurice Dwyer, advised the mid-market private equity provider on the £38m management buyout of leading independent electrical group Electrium.

The instruction is a major coup for Wragges because historically it has been unable to build a relationship with LDC due to its place on the 3i legal panel. Nevertheless, the firm has previously acted for the management on deals involving LDC.

Wragges is now hoping to build on this relationship and expects to get future instructions from the private equity house’s London team. LDC does not operate a legal panel, instead selecting firms based on the nature and location of the particular deal.

As part of the deal, LDC will work closely with the management team of Electrium to capitalise upon its strong market position.

LDC, which is part of the Lloyds TSB Group, works across a broad range of sectors, including IT/electrical, support services, healthcare, aerospace, specialist engineering, leisure and retail.