Glass firm's management team scoops exit award

Midland Industrial Glass AwardApril 25, 2012
GLASS FIRM’S MANAGEMENT TEAM SCOOPS EXIT AWARD
The management team of a Smethwick company has scooped a top award after
being nominated by venture capitalist specialist Midven.
Midland Industrial Glass, one of the largest independent specialist glass
processors in the UK, has picked up the British Venture Capital Association
(BVCA) Exit Management Team of the Year Award for the Midlands region.
They now go through to the final of the national competition on July 5.
Midven nominated the management team for the award following their efforts
in securing a highly profitable exit for Midven’s Advantage Growth Fund in
December last year.
Roger Wood, director at Midven, said winning the award was the culmination of
years of hard word undertaken by the management team and a great testament
to their efforts. “We would like to take the opportunity to congratulate and
thank them at the same time,” he said.
The Advantage Growth Fund had invested in MIG in 2005, supporting the
management team in a buyout from the retiring owner. At the time the
company was on the verge of administration and the funding secured over 40
jobs whilst providing the necessary working capital for the management team
to turn the business around.
As a result of the exit transaction, Midven achieved a seven times cash multiple
return on its investment, representing a 46% IRR. Mr Wood added: “This
transaction is further evidence of Midven’s ability to deliver excellent returns
for its investors, being the fifth highly profitable exit achieved in the last three
years.”
Alan Taylor, managing director of MIG, said: “We have come through some
tough times, as the recession hit hard, and particularly against a backdrop of
rapidly increasing material prices and low cost competition from abroad, but
the management team succeeded in returning the business to producing a
substantial profit and it is now trading with a record order book. I pay tribute
to the whole team at MIG who have performed exceptionally in a traditionally
unloved West Midlands manufacturing sector delivering an excellent result for
the investors.”
The BVCA Management Team Awards are the only ones to celebrate the
outstanding work of private equity and venture capital backed portfolio
companies, and are a year long process of regional and national nominations
designed to highlight and celebrate the achievements of private equity and
venture capital backed firms.

 

More Midven News

More awards for Midven backed companies

Two companies which have received backing from venture capital specialists Midven have scooped prestigious...

read more

Simworx creates new jobs

A Kingswinford company which is one of the world’s leading suppliers of simulation and...

read more