LDC has struck a deal with the Royal Institute of British Architects (RIBA) to back its commercial subsidiary.

The private equity firm has paid £31.8m for a minority stake in RIBA’s commercial arm, which trades as NBS.

NBS is a provider of technology, content and data services to the architectural, engineering and construction industries. Based in Newcastle, it has turnover of £20.5m and employs 200 people.

LDC and RIBA will back current chief executive Richard Waterhouse to grow NBS internationally and increase product development.

“This is an exciting moment for the RIBA and the culmination of a huge amount of work, time and careful consideration by our trustees, executive and expert advisors. We have created a highly attractive market-leading business, and as an Institute prioritising support for our members and the delivery of our wider charitable objectives, the trustees agreed it is the right time to work in partnership with an experienced investor to ramp up its potential,” said RIBA president Ben Derbyshire.

John Garner, Dan Smith and Dale Alderson worked on the deal for LDC. The firm was advised by Deloitte and Addleshaw Goddard.

RIBA was advised by KPMG and Womble Bond Dickinson. NBS was advised by PwC.