West Yorkshire glassmaker Allied Glass has undertaken a management buyout deal worth £75 million, which was backed by Barclays Private Equity.
The move was initiated by Alan Henderson, who has worked at the firm for 14 years, having joined as a graduate trainee.
The deal is the second MBO for the business, the first one took place in 2002 when a team led by Andrew Spencer purchased Allied Glass from its owner Associated British Foods for an amount between £40 million and £45 million.
Allied Glass manufactures glass vessels for the spirits industry at its premises in Leeds and Knottingley. Its customers include Civas, Diageo and William Grant & Sons.
Mr Spencer is to step up to the role of executive chairman after the purchase, and Mr Henderson will become the managing director.
Allied Glass has benefited hugely from investment since 2002 resulting in a 40 per cent rise in sales. Its revenues for this year are expected to reach £84 million, a significant rise from last year’s £78.3 million.
The present company name is relatively new having been assumed ten years ago, but the business itself can be traced back to the 19th Century.
