Private equity firm Key Capital Partners (KCP) has sold its interest in MI Glass (MIG) to the management team in a multi-million pound deal backed by Clydesdale Bank.
The terms of the deal have not been disclosed.
Based in Smethwick in the West Midlands, MIG has a 75 year heritage of providing glass processing solutions to a number of industries including retail interiors, catering equipment and office designers throughout the UK and central Europe. With a 76-strong workforce, the company has 55,000 sq ft of dedicated manufacturing space at its Downing Street, Birmingham, premises and has recently opened a second 25,000 sq ft factory in the city in Booth Street.
KCP acquired its interest in MIG in 2011 and since this time has supported the company as it has invested in expanded production premises and state-of-the-art processing equipment.
MIG managing director Alan Taylor says: “We’ve had a great partnership with KCP who have supported us as we have expanded our production capabilities and reach in the glass processing market. MIG is in an excellent position for the next stage of its development.”
KCP managing partner Owen Trotter adds: “KCP is very happy to have played a role in the MI Glass story. In addition to delivering a return to our investors, it has been a pleasure to work with a UK manufacturer with such a strong focus on customer service and quality. We wish Alan, Glenn and their team every success in the future.”
KCP makes equity investments of between GBP3m and GBP15m and has a strong reputation of deliverability and a track record of producing outstanding returns for its investors. Previous investments by the firm include Gear4Music, Construction Materials Online (CMO) and YorkTest.
