Equistone exits Yorkshire’s Allied Glass
ALLIED Glass has been snapped up in a multi-million pound deal to private equity firm CBPE.
The Manchester office of investment group Equistone Partners Europe completed the sale of the Yorkshire-based glass container manufacturer and it is understood that CBPE has paid between £120m and £130m for the business.
CBPE originally acquired Allied in 2002 and exited to Equistone Partners Europe in 2010. Equistone’s Fund III supported the management team when it acquired a majority share in 2010 as part of a £75m management buyout.
Allied Glass, which employs over 660 people across two factory sites in Leeds and Knottingley, is the UK’s fourth largest glass bottle manufacturer by volume and a leader in specialist bottle serving the high-end global spirits industry. It specialises in the production of complex bottles and supplies containers to brands including Johnny Walker, MaCallan and Smirnoff vodka.
A team at Rothschild advised shareholders, led by director Stephen Moore, managing director Andrew Thomas, assistant director Rob Dunnett and associate Amy Bashforth. Eversheds, provided legal advice to Equistone.
This transaction will see the management team retain a significant stake in the business with a continued focus on growing revenue from existing end markets.
Steve O’Hare, partner at Equistone and non-executive director at Allied Glass, said: “It has been a pleasure working with an extremely talented and entrepreneurial team at Allied Glass.
“The business has grown strongly over the last few years by putting the customer at the heart of everything it does, investing significantly in operational capability and expanding its product offering. Alan and the rest of the team have firmly positioned the business for further growth and we wish them well for the future.
Alan Henderson, managing director at Allied Glass, said: “Equistone has been an ideal partner for the business during this expansion period. We have focused the business on achieving quality and sustainable organic growth while strengthening relationships with our customers.”
Deloitte’s transaction services team led by partner Matt Henderson in Leeds and supported by Manchester-based partner Richard Bell and director Dan Wright provided financial, tax, environmental and health and safety due diligence. Commercial due diligence was provided by Roland Berger Consultancy and Yunus Seedat from Addleshaw Goddard advised CBPE.
Incumbent banks HSBC and Lloyds TSB were joined by Investec and GE in providing senior debt facilities.
