LDC negotiates stake purchase in CPA Global

The auction of CPA, which was established in 1969 to manage patent renewals, has reportedly come down to LDC and Intermediate Capital, a London-listed mezzanine investor.

LDC is said to be interested in a big minority stake that is expected to cost between £400m and £450m (€488.3m).

CPA, which has revenues of £150m (€162.8m) last year, has around 300 shareholders, many of them partners at the founding law firms, who are nearing retirement and looking to sell, the report said.

LDC’s most recently backed the £11m (€11.9m) MBO of the emergency services division of home protection business Homeserve.

LDC’s parent, Lloyds Banking Group, is 43.5 per cent owned by the UK government after it was bailed out with public money.

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