Waterfall is one of the UK’s leading independent mid-sized contract caterers.

Investment type
  • Secondary buyout
Deal value


Exit type
  • International trade sale
Exit date

July 2016

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LDC backed our vision and ambition as a management team to create an even stronger business and has provided unwavering support for our growth plans ever since.”

Jim Lovett, CEO
Waterfall Catering Group

International future

In July 2016, LDC exited its investment in Waterfall to Paris-based multinational Elior Group SA in a deal that generated a 2.6x money multiple and IRR of 81 per cent for LDC.

The deal saw Waterfall Catering Group join one of the world’s largest operators in the contracted food industry in Elior Group, which is listed on Paris’ Euronext market and recorded annual revenues of €5,674m in the financial year 2014-2015.

Both Caterplus and Taylor Shaw continued to operate under their current brands as part of a new Elior company, and the management team remained as shareholders to oversee the next phase of growth.

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The deal with Elior Group provides a highly strategic outcome for our partnership with LDC and puts us in a great position to further develop our offering to customers within our core sectors in education and care.”

Jim Lovett, CEO
Waterfall Catering Group