Lloyds' buyout arm to bid for Bluefin
Lloyds Banking Group’s buyout arm LDC is among the bidders competing to acquire Axa-owned advisory business Bluefin, according to reports.
The Sunday Times reports private equity firm LDC is up against rival equity firm ECI Partners to acquire Bluefin, with both companies expected to back a management buyout led by Bluefin Advisory Services chief executive Nick Burns (pictured).
Insurance brokers Aon and JLT Group are also thought to be interested in the deal.
Axa announced in November it had put Bluefin Advisory Services up for sale. Axa bought Thinc Group in October 2006 for a consideration of up to £100m but only ended up paying £40m after performance targets were not met.