Return to search

3i out of double glazing

3i has exited its investment in Everest’s double glazing business. 3i has held a 22 per cent stake in Everest since supporting the buyout of Caradon Everest and Caradon Doors & Windows Limited from Caradon in March 1999. Bardox Group plc, a unit of PlusPerfect Group, was set up to acquire the holding.

The latest deal, supported by an integrated debt and equity package from Bank of Scotland corporate banking, saw the £58 million deal enable the executive chairman Roy Eady acquire 3i’s 22 per cent stake in the business and majority shareholder Brian Kennedy also achieved an exit, although he reinvested a substantial sum to acquire a significant holding in the new company.

During the last year of Caradon’s ownership Everest’s sales were £93.4 million and operating profit was just £1.6 million but after the sale to the 3i consortium sales to the year ended October 2002 were £111 million and operating profit of £10.2 million.

3i is unable to disclose details relating to its investment in Everest until after the deal finally closes on May 14.