Glass container manufacturer Allied Glass has been added to the portfolio of CBPE Capital for the second time in its history.
Having originally acquired the Yorkshire-based business in 2002 from ABF, CBPE Capital sold its stake in 2010 to Equistone Partners Europe. Now Equistone, which was known as Barclays Private Equity until a management buy-out in 2011, has divested of its interest.
Equistone originally bought a majority stake as part of a £75 million buy-out from its Fund III and has reportedly netted a 2.5x return through the sale of Allied Glass.
From its factory sites in Leeds and Knottingley, Allied Glass employs 660 and supplies glass bottles to customer including Smirnoff and Johnny Walker.
Over the course of the Equistone partnership, Allied Glass completed an investment in its Knottingley base to increase production and keep up with demand.
Alan Henderson, managing director at Allied Glass, comments, ‘Equistone has been an ideal partner for the business during this expansion period. We have focused the business on achieving quality and sustainable growth while strengthening relationships with our customers.
‘We have known [CBPE] for many years and are confident that they are the right partner as we enter the next phase of our development.’
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New backer CBPE is currently investing from its eighth fund, a £405 million pot raised back in February 2010. It has made eight investments to date form the fund, with most of them being buy-outs.
Equistone partner and Allied Glass non-executive director Steve O’Hare says, ‘The business has grown strongly over the last few years by putting the customer at the heart of everything it does, investing significantly in operational capability and expanding its product offering.’
Alongside the recent investment in the new decoration facility at Knottingley, Allied Glass also recruitment James Hart as finance director to strengthen the senior management team.