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Equistone could sell Allied Glass for 2x return

28 May 2013

exit sign_sqPrivate-equity group Equistone is reportedly considering selling Allied Glass, the maker of bottles for drinks companies Smirnoff and Grant’s for a two-time return.

Equistone has hired advisers at Rothschild to review options for the UK-based business including a possible sale, said the Independent.

Allied Glass, which has annual sales of over £100m, could be sold for £150m later this year.

The private equity firm bought Allied Glass in a £75m secondary buyout deal from CBPE Capital in 2010 eight years after the French banking group bought it from Associated British Foods.

The company posted profits of £11.5m in the fiscal year ending December 2011.

Equistone, which used to be part of Barclays, has recently acquired French mortgage advisory business Meilleurtaux from CBPE.

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