Investee Company – VIP Heinke (UK)
Investee Company Business – Manufactures seals and gaskets for pipes
Type of Financing – Management buy-in
Equity Providers – Close Brothers Private Equity
Equity Leader (Individual) – Simon Wildig
Debt Providers – NA
Debt Type – NA
Debt Leader (Individual) – NA
Equity Amount – Undisclosed
Total Deal Value – Undisclosed
Other Advisors – NA
Comments – Huntingdon-based VIP Heinke, a manufacturer of seals and gaskets for water and gas pressure pipes, has been bought from Etex Plastics by its management, headed by David Grove.
The deal was financed by Close Brothers Private Equity Ltd, the private equity investment business of listed UK merchant bank Close Brothers Group.
Based in City, Close Brothers Private Equity, (CBPE) is a leading player in mid-market UK private equity, typically investing in UK-based businesses valued at between £10 million and £75 million.
VIP-Heinke is the UK’s leading manufacturer of seals and gaskets for water and gas pressure pipes and a major supplier to the non-pressure pipe seal market. In addition, VIP-Heinke’s product range includes jacking pipe seals, tunnel segment gaskets and rail pads. The company manufactures over 3,000 products and has introduced many new proprietary products for pipeline applications, notably Viptyte, Viploc and Vipsleeve.
CBPE’s Simon Wildig, who will join the VIP Heinke board as a non-executive director, said: “This acquisition mirrors several investments involving CBPE and David Grove and his team. They have had a tremendous record of success in helping companies to realise their growth potential and we’re expecting VIP Heinke to follow a similar pattern.”