Private equity firm 3i has backed a management buy-out of Oldham Gas. 3i invested E11m in the buyout and the management team invested an undisclosed amount.
The deal will enable the Oldham Gas which makes instruments to monitor and control gas emissions from industry, to strengthen its position in the European market and to reinforce its international development, especially in the UK and US. The investment will also be used on the research and development of new products.
Oldham Gas had sales of £16.2m in the year to March 31 2000. Oldham currently has operations in 10 countries and realises 45 per cent of its sales internationally. The company was founded in 1840.