Phoenix Equity Partners has bought Jaycare, a UK packaging company for the pharmaceutical and consumer healthcare markets, and in so doing has provided 3i with an exit from its investment in the firm, which it made in September 2000. 3i paid some £29m for the business although, as is typically the case with secondary buyouts, Phoenix Equity Partners has not disclosed what it has paid for the business.
As part of the transfer to new ownership Jaycare’s management team, which is led by Lyndon Wild, Nick Nolan and David Young, will be strengthened by the arrival of chairman Pat Barrett and Nigel Tipple as chief executive. Both Tipple and Barrett have experience of operating a private equity-backed company, having each worked with Phoenix Equity Partners in the past.
Jaycare was an independent business until bought by Waddington plc in 1990. Waddington was acquired by Mansfield plc in 1999, and Mansfield decided to sell the Jaycare business to 3i the following year.