DWF has advised the Sellers, including YFM Equity Partners and co-investors Neptune Calculus and Kaye Enterprises, and the management team on the £20million sale of Waterfall, a leading independent contract caterer, to private equity firm LDC.

Warrington-based Waterfall operates the brands Caterplus and Taylor Shaw, and has a turnover of c£60million with over 3,000 employees. Caterplus services residential and care homes across the country, as well as welfare charities and shelters, and Taylor Shaw operates in the education sector.

LDC has bought a minority stake in the business which had been held by YFM Equity Partners, venture capital trust Neptune Calculus and Kaye Enterprises since 2007 when they backed a management buyout of Caterplus.

The existing management team including chairman Vince Pearson, chief executive Jim Lovett and finance director Gabrielle Higham, will stay on.

Frank Shephard, corporate partner at DWF, who led the team commented: “Waterfall has become a market leader in the contract catering industry and YFM, Calculus and Kaye have helped to transform the growth of the business since their initial investment in 2007. Moving forward, the support of LDC will further enable the business to achieve its strategic growth plans. Waterfall has a fantastic management team who will no doubt continue to expand the business”

Frank led on the sale supported by senior solicitor Darren Ormsby and solicitor Nick Hawthorne, corporate partner Nicola Frost advised the management team on the equity aspects of the deal.

Angela Warner, portfolio director at YFM Equity Partners, said: “Waterfall is a successful business and we have enjoyed working with the management team to grow the business over the past seven years. LDC is the right partner to help take the business to its next level of growth.”