BPE leads £75m secondary MBO
Barclays Private Equity (BPE) has taken a majority share in glass container manufacturer Allied Glass. The Birmingham office of BPE led the £75m secondary management buyout from CBPE Capital.
BPE has invested £29.5m for a majority stake in the company, alongside a reinvestment from management and senior debt facilities provided by HSBC and Lloyds TSB.
Allied, which has about 600 employees in its offices in Leeds and Knottingley, supplies its glass containers to brands such as Grant's Scotch whisky, Johnnie Walker Whisky, Macallan malt whisky and Napolina Oil.
The company, which had a turnover of £78m in the financial year of 2009, was originally acquired from Associated British Foods in 2002 via a MBO backed by CBPE Capital.
The deal was led by Paul Harper, investment director at BPE’s Birmingham office, who said: “Allied has a strong customer focus on building its brand value through design and has successfully grown to become the fourth largest manufacturer of glass containers in the UK.
"It has developed a strong stable of world-renowned customers, invested in flexible production facilities which complement its high value, low volume niche, and developed capabilities in the production of light weight containers.
“It has also developed new products targeting niche markets, having invested heavily in its asset base, providing a strong platform for future growth and service increasing volumes."
