Souter Investments
is one of the UK’s leading family investment offices specialising in private equity



Vintage: May 2023

Sector: Industrials

Location: Cardiff

Type: Buy and Build, MBO

Souter Role: Co-investor

Souter Director: No

Status: Current

Cardo Group is a new platform launched by Buckthorn Partners to repair, maintain, upgrade and decarbonise social housing. The core strategy is to pursue further acquisitions in relevant market segments across the UK to deliver these services.

LCB Group is Cardo Group’s first acquisition in developing a national footprint. The company is headquartered in Cardiff and employs 300+ staff across 5 regional hubs in Wales and Southwest England.

Liam Bevan, LCB’s Managing Director, will become CEO of the newly formed Cardo Group and Maintenance Director, Rhydian James, will remain key to LCB’s operational delivery. They are joined by industry veteran, Jane Nelson who will lead commercial and strategic activity across Cardo Group. 

Buckthorn completed its investment into LCB in May 2023. Souter Investments invested as part of the Buckthorn led syndicate to develop the business’s decarbonisation offering and solve retrofit challenges across the industry whilst undertaking value accretive M&A to expand the group’s capabilities.