Lloyds TSB Development Capital has invested £8.25m (€13.8m) to gain a majority stake in Industrial Cooling Systems (ICS), a supplier of industrial cooling equipment based in the UK. Hampshire.

The transaction was done as part of a management buy-in (MBI) with a total deal value of €22.5m. The new management team will consist of John Lynn, who will be managing director, and Steve Davies, who will be finance director. Lynn was previously a managing director at Chemring, defence manufacturer, while Davies was previously at De La Rue, securities printer and paper maker. ICS currently employs more than 100 people and has an annual turnover of £19m.