Glass firm's management team scoops exit award
April 25, 2012 GLASS FIRM’S MANAGEMENT TEAM SCOOPS EXIT AWARD The management team of a…read more
Midland Industrial Glass is one of the largest independent, specialist glass processors in the UK. The Advantage Growth invested in MIG in June 2005, supporting the management team in a buy-out from the retiring owner. At the time the company was in financial difficulty and on the verge of administration. The funding provided by the Fund provided the necessary working capital to enable the management team to turn the business around.
Through an initial focus on production efficiency and product quality followed by customer base expansion and factory investment the team created a highly profitable business. Despite the recession, increasing competition from cheap imports and rapidly rising material prices the company continues to perform strongly through a focus on high quality short production runs and excellent customer service.
In December 2011 a private equity backed Secondary Buy-out of the business provided an exit for the Advantage Growth Fund and the semi-retiring Production Director. The transaction generated an overall 7 times cash multiple return for the Advantage Growth Fund, representing an IRR of c. 46%.
Associated Fund Advantage Growth Fund
Sector Services / Consumer