Close Brothers Private Equity (CBPE) has sold Laybond to Bostik, the global adhesives and sealants company, for an undisclosed sum. The deal returned more than double CBPE’s original investment of GBP7.4 million.
CBPE acquired Laybond as a management buyout from Streamline, an infrastructure services division of Jarvis plc in Sept. 2000. CBPE held 84% of the equity of the company, with the balance owned by the management team.
Laybond is a leading adhesives manufacturer in the U.K., with its portfolio of brands including the Gripfill range of products.
Amethyst Corporate Finance provided the debt while Dickson Minto acted as legal counsel.
The sale represents CBPE’s fourth exit during 2005. CBPE has also made four investments in 2005, including its GBP128m investment in CCTV distributor, Upperpoint Distribution Limited. CBPE has returned GBP119 million to investors in the past 12 months.