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Minerals prove profitable for CBPE

CBPE Capital, formerly known as Close Brothers Private Equity, has more than tripled its money following the sale of minerals sector consultancy Stewart Group.

CBPE Capital sold Stewart Group to Campbell Brothers for £146 million, banking a 3.6x multiple and 67 percent internal rate of return in the process.

CBPE invested £25 million in the business in 2006, which is not connected with Stewart Group Holdings, a manufacturer of gardening products sold by UK buyout peer ECI Partners earlier this week.

Rothschild, KPMG and Pinsent Masons advised CBPE on the deal.

During its ownership of the business, CBPE supported Stewart Group in making five bolt-on acquisitions including G&T Metallurgical Services.

Commenting on the exit, Iain Slater, a partner at CBPE, said: “This is a great outcome for us and for Stewart Group. We backed a business plan comprising operational improvement, organic growth, plus complementary acquisitions and it is pleasing to report success in each of those areas.”