Lyceum Capital's UK Drainage Network Boosts Platform With 2nd Buy

Lyceum Capital said Monday its portfolio company U.K. Drainage Network has bought Kent-based commercial drainage specialist Drain Control, the second add-on business bought by UKDN is as many months.

Financial details of the transaction weren't disclosed but Lyceum Capital said that UKDN has invested over GBP15 million in its market consolidation strategy.

Established 20 years ago, Drain Control provides a full portfolio of drainage and plumbing services to a broad client base, which includes McDonald's Corp. (MCD) and Debenhams PLC (DEB.LN).

The latest acquisition follows the Lyceum Capital-backed merger of UKDN with Waterflow in October and creates an enlarged nationwide network of 18 depots and 500 employees that provide a range of validation, investigation and repair services.

Lyceum Capital said UKDN was set to continue its consolidation of the drainage market and has a number of further acquisitions in the pipeline which it expects to complete in the coming months.

"We intend to build further on this success in 2012 both through continued new client wins and completing additional acquisitions," said Simon Hitchcock, partner at Lyceum Capital and non-executive director of UKDN.

-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; marietta.cauchi@dowjones.com

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