The UK's leading tile accessory and plastic extrusion manufacturer, Homelux Nenplas, has been bought out by its management in a multi-million pound deal.
The move has been backed by Aberdeen Asset Managers Growth Capital.
Based in Ashbourne, Derbyshire, Homelux Nenplas is a supplier of extruded and injection moulded plastic products for the tiling, DIY, furniture, caravan and shop-fitting markets.
The business, which has a turnover of £13 million and employs 110 people, was sold by US-based multinational Newell Rubbermaid.
AAMGC provided equity funding in support of the management team which is lead by Alan Emery.
He 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.
Yorkshire Bank also supported the transaction.
Birmingham-based Andrew Ferguson and John Connolly led the investment on behalf of Aberdeen Asset Managers Growth Capital, with the former joining the Homelux Nenplas 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 to create a dynamic, market leading, product range."
Mr Ferguson, senior investment manager for AAMGC, said: "We have backed a management team that has considerable experience and skill at creating shareholder value."
A number of Midlandsbased advisers were also involved - Martineau Johnson, who provided legal services to the management team; KPMG (Birmingham), who provided financial due diligence and advice on operational and separation issues; DLA Piper (Birmingham), legal advisers to AAMGC; HBJ Gateley Wareing (Birmingham), legal advisers to Yorkshire Bank; Bentley Jennison (Birmingham), tax adviser to the new company; Wragge & Co (Birmingham), tax adviser to AAMGC; Sales Blueprint, sales due diligence; MBD, commercial due diligence; Jay Hale Associates, management due diligence; and Armstrong Craven, management referencing.