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Bolton Brady lifts Bridgepoint

Bridgepoint Capital has exited its investment in the Bolton, UK-based facilities management business Bolton Brady by selling the business to Kone, the Finnish-based lift and escalator in a deal valued at GBP19.5 million. Kone is a leading lift and escalator company that employs 23,000 people and has a turnover in excess of GBP1.4 billion.

Bridgepoint Capital (as NatWest Ventures) first invested in Bolton Brady as part of a management buyout in 1995, this transaction was worth approximately GBP10 million and Bridgepoint Capital paid GBP3.6 million for its equity stake, which was subsequently partly sold down to 3i. Bank of Scotland provided the debt.

In 1999 Bridgepoint Capital supported Bolton Brady’s acquisition of Broughton Controls, investing a further fund into the business. This investment was also later syndicated to 3i.

Bolton Brady employs 350 people and is a leading provider of repair and maintenance services for commercial and industrial doors in the UK. It operates from a network of 25 depots across the UK and among its major customers it counts Heathrow Airport, The Royal Bank of Scotland, the Co-op and Marks & Spencer.

Stan Keyworth, chief executive of Bolton Brady, said: “The acquisition of Broughton Controls strengthened our position in the marketplace and we are now in a strong position to enjoy future success with Kone.”

This is the third exit in the last 12 months from the Manchester office of Bridgepoint Capital