Close Brothers exit on Minova
Close Brothers Private Equity (CBPE), has sold its stake in Minova, the chemicals company, to Orica Ltd for £357m.
Minova specialises in the manufacture of chemicals used in the coal mining, metal mining and tunnelling industries.
Its products are used for underground strata reinforcement, strata support, ventilation seals and cavity backfill.
CBPE backed the management buy-out of Minova from Burmag Castrol in March 2003 for £32m, when the business was known as Fosroc Mining.
Sean Dinnen, partner at CBPE, said: “We have greatly enjoyed assisting an outstanding management team build a genuine global business of real substance and quality.”
However, it has now exchanged contracts with Orica Ltd in a deal worth more than 10 times that amount.
Minova is based in Chipping Norton, however it has 17 facilities in 10 countries including the USA, Australia, Poland, Germany, Russia, South Africa and China.
The company has expanded through acquisitions made throughout the world as well as through substantial organic growth.
Sandy Arbuthnot, chief executive of Minova, said: “We are delighted to have worked alongside CBPE who have provided excellent support to the management and the business since the MBO.”
© Crimson Business Ltd. 2006