General Dynamics Buys Defense Company From Lloyds' Buyout Arm

28th Jun 2010 12:38

By Marietta Cauchi Of DOW JONES NEWSWIRES LONDON (Dow Jones)--LDC Monday said it has sold defense equipment company Kylmar to General Dynamics United Kingdom Limited, part of U.S. giant General Dynamics Corp. (GD). Financial details of the transaction weren't disclosed. LDC, the midmarket buyout arm of Lloyds Banking Group PLC (LYG), bought a significant minority stake in Kylmar in April 2006. Kylmar makes sensor and optical surveillance systems for the military and security industries and has doubled its revenue since LDC became an owner, LDC said. "Kylmar is a perfect example of a private equity-backed UK manufacturing firm which has combined its technical capabilities and strong customer relationships with our funding and strategic input to create a highly attractive asset," said Kevan Leggett, managing director of LDC in the South of England. -By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; [email protected] (END) Dow Jones Newswires June 28, 2010 07:38 ET (11:38 GMT)