Private equity firm Bridgepoint Capital has exited Bolton Brady, a facilities management business, in a £19.5m (E30.6m) deal. The business has been sold to Kone plc,the Finnish-based lift and escalator company.
Bridgepoint originally invested £3.6m in the £9m management buy-out of Bolton Brady in July 1995. The firm acquired Oldham-based Broughton Controls in August 1999 which designs, manufactures and installs entrance control systems.
Martin Draper, director of Bridgepoint’s Manchester office, said: “The sale of the business to Kone represents a natural stage in the company’s development and the transaction demonstrates our ability to provide our investors with a good return. This is the third exit completed from our Manchester office in the last 12 months. The cumulative value of these deals is in excess of £125m and represents a threefold return on our original investments.”
Bolton Brady, based in Manchester, provides repair and maintenance services for commercial and industrial doors. It operates from 25 depots across the UK and the company’s customers include Heathrow Airport, Royal Bank of Scotland, the Co-op and Marks & Spencer.