Lloyds Banking Group-owned LDC has backed the management buyout of uSwitch.com. LDC now has a significant stake in the price comparison website, whereas previous owner, Forward Internet Group (FIG), will retain a substantial minority holding.
The two uSwitch investors will work with the existing management team which will also have a minority holding in the business. LDC has said it wants to focus on supporting the current team to assist in the publisher’s growth.
FIG is a privately held investment company that has invested in taxi-ordering app, Hailo, and mobile marketing agency, Somo, in the last few years. It also recently relinquished a majority holding in comparison publisher and browser extension, InvisibleHand.
Renowned Comparison Brand
Director of Forward, Paul Fisher, described the period since FIG’s investment back in 2009 as a successful transition from ‘plucky start-up publisher to one of the most well-known comparison brands’ in the UK.
“When Forward invested in uSwitch back in 2009, we saw a brilliant brand with a compelling proposition that just needed some careful nurturing, transformational technology know-how and digital marketing expertise to become a market leader,” Fisher said.
After purchasing Top10.com two years ago, uSwitch has grown to employ 135 permanent staff and was ranked as the top website in the 'Business and Finance - Utilities' category by online intelligence service, Hitwise.
Increasing Consumer Support
USwitch has been in the price comparison game for 13 years and the publisher’s chief executive officer, Steve Weller, believes that LDC will assist the publisher in supporting even more consumers to come.
“We are delighted to be working with LDC, as they have an impressive track record of backing fast growth companies and great experience in working with online and consumer-facing businesses,” Weller enthused.
“They understand what we do and why we do it, and I am confident that LDC will help us realise our ambitions to help even more consumers find the best deal for their needs.”