Benedetti sells Wrap Film Systems

Close Brothers Growth Capital has backed a £21m (US$44m) management buyout of Wrap Film Systems from Lanarkshire-based holding company Benedetti International, according to reports in the Scottish press.

Benedetti is understood to be retaining a minority shareholding in the clingfilm dispenser business and will use the sale to pay down debts in Benedetti International.

Barclays provided £8m of debt financing for the deal.

Established in 1975 and bought by Benedetti in 1995, Wrap Film Systems has annual turnover of £27m and employs 150 staff.