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London’s KCP backs secondary MBO of Midlands Industrial Glass

16 Dec 2011

London-based private equity firm Key Capital Partners (KCP) has backed the secondary management buy-out of Midlands Industrial Glass (MIG). Financial terms of the deal were not disclosed.

KCP has taken a significant stake in MIG following the transaction and the deal provides an exit for incumbent Birmingham-headquartered venture capital investor Midven, which initially invested in the company in 2005 through its Advantage Growth Fund.

The deal, which has backed managing director Alan Taylor, and operations director Glenn Bicknell, will enable the business to capitalise on a number of projects in 2012 and build on its client base and market position.

Established in 1936, Smethwick, UK-based MIG is one of the largest independent, specialist glass processors in Britain, supplying a wide range of products including toughened glass and mirror to the retail, transport, balustrading and street furniture markets among others.

The company, which employs 60 people, supplies glass to retailers Marks & Spencer, Next, New Look, Arcadia group and John Lewis Partnership, as well as Phillips and Aga Rangemaster.

Owen Trotter, a partner at KCP, said, “Midlands Industrial Glass has a great management team that has grown the business significantly over the last few years by operating in niche markets and providing excellent service and quality products.

Richard Thomas, an investment manager at the firm, added, “Our investment will help Alan and Glenn to grow the business through the development of new products and markets, but also give them the firepower to make acquisitions.”

KCP makes equity investments of between £2m and £10m in growing companies. We will invest across all sectors and in all types of later-stage transactions.

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