A consortium involving UK buyout firm Permira as well as Scottish banks RBS and HBOS has sold toothpaste tube manufacturer Betts Global to UK mid-market firm Gresham Private Equity for £110 million (€158 million, $225 million) after nine years, according to a statement.
The company’s EBITDA and turnover were not disclosed.
The company, formerly called Courtaulds, was bought by the consortium from Dutch chemicals group Akzo Nobel for £82 million in 1998, according to UK newspaper The Daily Telegraph.
The investment took longer than expected due to its position in the supply chain and tough global competition, according to someone close to the previous owners.
CIT Capital Finance has provided and underwritten the £75 million of debt facilities used by Gresham on the deal. Gresham typically uses 3 to 4 times debt to EBITDA multiples on its deals, according to Gresham partner Christian Bruning last week.
Betts is a supplier of laminate tubes for toothpaste to companies including Colgate, GlaxoSmithKline and Unilever. Paul Bateman, previously group operations director for chemist Boots has been appointed chairman of Betts.
Prior to Boots, Bateman worked for conglomerate Procter & Gamble, where he was responsible for global home care products supply.
The deal is Gresham's second deal in a week, after it bought snack company The West Cornwall Pasty Company for an undisclosed sum.
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