French manufacturing business Interver has been purchased by CGI International for an undisclosed amount.
CGI International, which produces fire resistant glazing, has been backed by investment firm NVM Private Equity since its management team led a £10 million buy-out of the business in 1998.
It has been involved with projects such as Heathrow Terminal 5 and the Houses of Parliament.
Warrington-based CGI will now operate the newly-acquired business as CGI France, with it being a wholly-owned subsidiary.
Since NVM became involved with the company, it has recapitalised CGI twice and has now contributed financially to the purchase of Interver.
David Jolliffe, managing director of CGI, comments, ‘This is our first major investment in European manufacturing operations and represents a key milestone in our aim to become the leading independent manufacturer of fire glass globally.’
The deal represents the third acquisition completed in the North of England by NVM’s portfolio in recent weeks.
In October, Kerridge Commercial Systems closed its second deal since its private equity-backed MBO in 2010.
In the same month, pub chain Wear Inns bought two further sites to take its total count to 26 premises.
Clive Austin, director at NVM Private Equity, has led the deal for the firm and says that the transaction is of ‘strategic importance’ for CGI.
‘The deal will enhance CGI’s product portfolio, bring access to new markets and increase the speed at which the company can bring new products to market,’ Austin adds.
‘It has the power to transform the business and we are delighted to provide further support to make it happen.’
The period has been a ‘very busy’ one for NVM, Austin says.
‘Now is an excellent time for strong management teams to make value enhancing acquisitions and, as investors, we are keen to fund this type of activity,’ he states.