Catapult ventures into Oxford MBO
The Birmingham office of Catapult Venture Managers has joined forces with the Co-operative Bank to fund the management buyout (MBO) of scientific instrument company Oxford Cryosystems from its Birmingham-based parent company.
Cryosystems’ managing director Richard Glazer led the MBO from Birmingham-based Bionostics, which acquired the business in 2008.
He said that the buyout was being undertaken “to ensure a stable future for the business and its staff and to allow the team to invest in new and existing products and services”.
The MBO was funded through a loan facility from the bank’s Oxford corporate banking centre and the Catapult Growth Fund.
Glazer said: “The management team had wanted to undertake a buyout for some time and, in the past, had struggled to secure the right levels of funding. Securing support from both The Co-operative Bank and Catapult meant that management could put in a viable offer for the business.”
The sum of the buyout was undisclosed.
