NatWest Development Capital (NWDC) has sold Security Closures (UK) Ltd., a wholly owned subsidiary of Brooks Holdings Ltd, to Orbis Plc for £7.35m.
Security Closures provides a range of security screens and doors for empty properties and other services related to local authorities, housing associations and commercial organisations across the UK. (NWDC) invested in the company in January 1999. In the year ended 30 April 2000, the business generated pre-tax profits of £700,000.
The group will be merged with the main trading subsidiary, Orbis Property Protection Ltd. As part of the deal, Maurice Brooks, managing director and principal shareholder of Security Closures, has been appointed a director of Orbis plc to assist with the ongoing development of the group’s business.
Angela Marron of NWDC said: “We were attracted to Security Closures due to the quality of the company’s product and its service offering, both of which had enabled it to develop a good position in a fragmented, but consolidating market. We have been delighted with the progress that the company has made and wish the management team well as they enter the next phase of the company’s development.”
NatWest Development Capital has also announced the appointment of Andy Spencer as investment director of its London office. He will work with Chris Gammon, NWDC director, who established the London office three years ago.
NatWest Development Capital is part of Royal Bank of Scotland’s private equity group, which includes Royal Bank Private Equity, the recently launched Royal Bank Ventures and the Asset Management Structured Unit.