UK-listed private equity firm 3i has sold its interest in UK double glazing company Everest Double Glazing as part of a deal worth a total of £58m.
Six managers at the company, led by executive chairman Roy Eady have acquired the private equity firm's 22 per cent stake, providing 3i with a complete exit from its 1999 investment in the company. The deal also provides an exit for majority shareholder Brian Kennedy, who has reinvested a substantial sum to acquire a significant shareholding in the new company.
Bank of Scotland Corporate Banking has provided a debt and equity package to support the management team, and will take a minority stake in the business. In the year to October 2002, the company reported sales of £111m and operating profits of £10.2m.
Roy Eady, leading the deal, said: “Our sales and margin growth over the last few years has been tremendous. We have been able to invest in a substantially increased sales-force and a widened product portfolio.” The company is projected to report operating profit of £12m this year and sales to reach £150m by 2006.