Window of opportunity for MIG

SMETHWICK-based Midland Industrial Glass (MIG) is hoping to launch new products and access new markets after completing a secondary management buyout.

Private equity house Key Capital Partners backed the secondary management buyout led by MIG managing director Alan Taylor and operations director Glenn Bicknell.

KCP has taken a significant stake in MIG following the transaction and the deal provides an exit for incumbent Birmingham-based venture capital investor, Midven.
The deal, completed for an undisclosed sum, should enable the business to capitalise on a number of projects planned for 2012.

The company, which employs 60 people, supplies glass to retailers Marks & Spencer, Next, New Look, Arcadia and John Lewis Partnership, as well as Phillips and Aga Rangemaster. It was established in 1936 and is now one of the largest independent, specialist glass processors in the UK, supplying a wide range of products, including toughened glass and mirror.

The MBO was led by KCP’s Owen Trotter and Richard Thomas.
Trotter, a partner at KCP, said: “Midland 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.”

KCP was advised on the transaction by corporate lawyers Peter McLintock and Ryan Hawley of Squire, Sanders & Dempsey. Roger Penney of RPL provided commercial due diligence on the transaction. Justin Sparks of Springboard Corporate Finance and Matt Harvey of Harvey Ingram advised the management team at MIG. Alex Hyde and Andy McGinn of Grant Thornton provided financial due diligence services.

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