Gresham has sold its 45% stake in Sterling Components, a UK passive and electromechanical components distributor, to the management team for an undisclosed fee. The sale means Gresham, the UK lower mid-market MBO and expansion specialist, achieves a 35.4% IRR and a 3.5x multiple on the original investment.
The original buyout was made in 1992, taken from the balance-sheet, but referred to by the firm as a Gresham I investment.
Gresham spun out from Zurich Financial Services in February 2003.
Sterling Components in headquartered in Slough and has an office close to Dublin.