Barclays Private Equity backs its second management buyout in two months

The UK mid-market captive has backed its second management buyout in two months, buying more than 60 percent of an edible oils and bio-diesel company.

Barclays Private Equity, the mid-market private equity arm of Barclays Bank, has backed a management buyout of Desmet Ballestra, a provider of edible oils, bio-diesel and chemicals. Terms were not disclosed, but Thomas Grob, a manager at Barclays Private Equity, told PrivateEquityOnline that its stake in the company is more than 60 percent.  Management holds the remaining share.

Desmet Ballestra was formed from the merger of De Smet Technologies & Services, a Belgian specialist in edible oil processing plants; Ballestra, an Italian chemicals company, and their subsidiary Desmet Ballestra Oleo, an oleochemical plants designer and supplier.  The merger started in 2004 and took two years to complete.

Grob said Desmet is targeting bolt-on acquisitions in all sectors of its business worldwide.

Royal Bank of Scotland provided senior and mezzanine debt, while SJ Berwin, and Loyens Advocaten, gave legal advice to Barclays Private Equity.
Hawkpoint advised Desmet Ballestra.

Last month Barclays Private Equity backed the £28 million (€42 million; $55 million) management buyout of Scala Collections, a retailer of Italian designed women’s clothing and accessories.  Barclays Private Equity took a 65 percent stake, while the management and the vendors took the remaining 35 percent.

Barclays Private Equity has €3 billion of assets under management.