A secondary management buyout has been completed at a specialist glass processor to accelerate its organic and acquisitive growth plans.
Managing director Alan Taylor and operations director Glenn Bicknell have led the takeover at Smethwick-based Midland Industrial Glass (MIG).
Independent private equity house Key Capital Partners backed the buyout, with Owen Trotter and Richard Thomas leading the work.
KCP has taken a significant stake in MIG following the transaction and the deal provides an exit for Birmingham-based venture capital investor Midven.
Established in 1936, Smethwick-based MIG is one of the largest independent, specialist glass processors in the UK, supplying a wide range of products, including toughened glass and mirror, to the retail, transport, balustrading and street furniture markets, among others.
The company, which employs 60 people, supplies glass to retailers Marks & Spencer, Next, New Look, Arcadia group and John Lewis Partnership, as well as Phillips and Aga Rangemaster.
Mr Taylor said: “The investment from KCP marks a new era of our proud history. Having developed into one of the leading players in the UK glass processing market we look forward to building on our position and continuing to provide the highest quality service to our clients.”
Owen Trotter, partner at KCP, said: “Midland Industrial Glass has a great management team that has grown the business significantly over the last few years by operating in niche markets and providing excellent service and quality products”.
KCP was advised on the transaction by corporate lawyers Peter McLintock and Ryan Hawley of Squire, Sanders & Dempsey.
Roger Penney of RPL provided commercial due diligence on the transaction. Justin Sparks of Springboard Corporate Finance and Matt Harvey of Harvey Ingram advised the management team at MIG. Alex Hyde and Andy McGinn of Grant Thornton provided financial due diligence services.