Alex Stewart (Assayers), which inspects and tests metals and minerals, has been acquired in a management buy-out from the K Alex Stewart group for an undisclosed sum. The deal was backed by Close Brothers Private Equity, while Barclays provided debt.

Alex Stewart (Assayers) (ASA), which inspects and tests metals and minerals, has been acquired in a management buy-out from the K Alex Stewart group for an undisclosed sum. The deal was backed by Close Brothers Private Equity (CBPE), while Barclays provided debt.

ASA’s team was led by managing director John Notman-Watt and comprises managing director for continental Europe Dick Tonder, corporate development director John Malem, finance director Christopher Fisher and non-executive chairman Brian Long.

The deal was backed by CBPE’s Fund VII, which has completed seven previous transactions. CBPE partner Simon Wildig says: ‘The management team has significant collective knowledge of both the international commodity markets and the specialist inspection market, as well as substantial experience of operating successfully across the numerous geographic markets in which ASA trades.’

Based in Knowsley, Lancashire, ASA assesses commodity shipments and samples for mining exploration for large companies specialising in the commodity trading, geo-chemical and mining sectors. It employs more than 1,200 people and runs six laboratories. According to Notman-Watt, ASA is looking to grow organically and through acquisitions.

KPMG, Brook Hunt, McCloskey Coal and Berwin Leighton Paisner acted for CBRE, while TMG Corporate Finance acted for the management team.