API Group put on the market
STOCKPORT packaging firm API Group is on the market after the board decided a sale would “serve shareholder interests”.
Such a move was first mooted back in March but the business was keen to do it later in the year when benefits of a new £15m-£20m a year contract from a major customer would begin to filter through to its trading figures.
The sale process is being handled by Simon Lord at the Manchester investment bank Altium.
The business, which has manufacturing sites in Salford and Scotland, was put under pressure to sell by New York-based investors Steel Partners and Wynnefield Capital which own 32.3% and 29.6% respectively.
In a statement to the stock market the company said: “The board will consider indicative proposals and may consult with the company’s major shareholders before determining whether to continue or terminate the sale process.
“If appropriate, selected participants will then be given access to more detailed due diligence information through an online data room and management presentations, following which revised proposals shall be requested.”
Potential buyers have until the end of October to make an offer.
