CGI targets international growth after acquisition
HAYDOCK-based fire resistant glass manufacturer CGI International has acquired a French rival for an undisclosed sum.
CGI, which is backed by NVM Private Equity, has bought Interver based in Seingbouse near the German border.
According to accounts for 2011, filed last month, CGI grew sales from £11.4m to £12.1m and pre-tax profits were static at £2.6m. The firm employs 40 staff.
CGI’s managing director David Jolliffe said: “This is our first major investment in European manufacturing operations and represents a key milestone in our aim to become the leading independent manufacturer of fire glass globally.”
NVM Private Equity supported the original £10m management buy-out of CGI in 1998 and has recapitalised the business twice since then. NVM has also provided additional funding for the Interver acquisition.
Clive Austin, a Manchester-based director of NVM, said: “CGI’s acquisition of Interver is of strategic importance to the group. The deal will enhance CGI’s product portfolio, bring access to new markets and increase the speed at which the company can bring new products to market. It has the power to transform the business and we are delighted to provide further support to make it happen.”
He added: “Now is an excellent time for strong management teams to make value enhancing acquisitions and, as investors, we are keen to fund this type of activity.”
CGI, which trades as Pyroguard, has installed fire resistant glass at Manchester Airport, Heathrow Terminal 5, Hong Kong Airport and the Houses of Parliament.
