A team of Birmingham funders and advisers have put together the multi-million pound management buyout of the UK's leading tile accessory and plastic extrusion manufacturer.
Homelux Nenplas, which is based in Ashbourne, has been backed by the Birmingham office of Aberdeen Asset Managers Growth Capital, with bank finance being provided by Yorkshire Bank.
AAMGC has taken a significant stake in the company. The deal was arranged by Birmingham-based Kroll Corporate Finance.
Homelux and Nenplas, a leading supplier of extruded and injection moulded plastic products for the tiling, DIY, furniture, caravan and shop-fitting markets, had been owned since 1999 by US-based multi-national Newell Rubbermaid.
It has disposed of the company in order to concentrate on strategic core business activities.
The management buyout team is headed by Alan Emery, who has had a long career in the plastics and home improvement industry and was managing director of Homelux Nenplas for 15 years. He returns to the company as chief executive.
The company's commercial director Rob Butcher, opera-tions director Gary Horrobin and sales director Ann Quirke will all sit on the board.
Mr Emery said: "Homelux Nenplas has suffered in recent years from under investment in product innovation and marketing.
"We intend to revitalise the Homelux and Nenplas brands through increased investment in the rapid development of new products."
The investment by Aberdeen Asset Managers Growth Capital was led by Andrew Ferguson and John Connolly, with Mr Ferguson joining the board of Homelux Nenplas.
He said: "With our invest-ment in Homelux Nenplas we have backed a management team that has considerable experience and skill at creating shareholder value, and who are leading a company with a defined strategy for turnover and profit growth."
Gary Ecob, director, Kroll Corporate Finance, said: "We are delighted to have supported Alan and his team in realising the first stage of their ambition. This buy-out will allow the team once again to focus on delivering innovative product, marketing solutions and quality service."
Sue Varley, of Yorkshire Bank Acquisition Finance, added: "Homelux Nenplas represent solid, quality brands that we are confident the team will further enhance under Alan's stewardship."
Other advisers involved in the deal were Martineau Johnson, KPMG, DLA Piper, HBJ Gateley Wareing, Bentley Jennison, Wragge & Co, Sales Blueprint, Jay Hale Associates and Armstrong Craven.