Barclays Private Equity has acquired Allied Glass in a £75 million secondary MBO.
Barclays Private Equity has acquired glass container maker Allied Glass in a £75 million secondary management buy-out (MBO).
Allied Glass was acquired from CBPE Capital, with Barclays investing £29.5 million for a majority stake in the company. Senior debt facilities were provided by HSBC and Lloyds TSB.
Steve O’Hare, a director at Barclays Private Equity who is joining Allied’s board, comments, ‘Allied has invested in flexible production facilities which complement its high value, low volume niche, and developed capabilities in the production of light weight containers.’
The £78 million turnover company was acquired from Associated British Foods in 2002 via an MBO backed by CBPE.
Other manufacturing companies in Barclays’ portfolio include Aerocan, a producer of aluminium aerosol cans, and La Toulousaine, which makes metallic gates and shutters.