Venture capital trust (VCT) manager Foresight has backed a £4 million management buy-in of plastics manufacturer Industrial Engineering Plastics (IEP).
Venture capital trust (VCT) manager Foresight has completed a £4 million management buy-in of plastics manufacturer Industrial Engineering Plastics (IEP).
Incoming managing director Richard Brown, previously led an MBI of Fire Fighting Enterprises backed by private equity house 3i, which tripled its investment in the business over three years.
Brown says: ‘IEP has rightly earned an excellent reputation from its customers for the broad product range and its outstanding levels of service.’
IEP was founded 25 years ago by Brian Winter (who remains commercial director) and has operations in Hampshire and Birmingham.
The MBI will help IEP with its three-year strategy of growing sales and profitability after 2011 saw the plastics distribution company report turnover of £5 million.
Darrel Connell, investment manager at Foresight says: ‘We are looking forward to working with the new management team at IEP, accelerating the growth of this dynamic business which has proved its resilience in the most challenging market conditions.’