Interest in Smethwick glass firm MIG is sold
Private equity firm Key Capital Partners has sold its interest in Smethwick-based MI Glass to the management team in a multi-million pound deal backed by Clydesdale Bank.
The full terms of the deal have not been disclosed.
KCP acquired its interest in MIG in 2011 and since this time has supported the company in Downing Street as it has invested in expanded production premises and state-of-the-art processing equipment.
MIG has been providing glass processing solutions for 75 years to a number of industries including retail interiors, catering equipment and office design throughout the UK and central Europe.
The company, which has a 76-strong workforce, has 55,000sq ft of dedicated manufacturing space at Downing Street.
It has recently opened a second 25,000sq ft factory in Booth Street, Birmingham.
MIG managing director Alan Taylor said: “We’ve had a great partnership with KCP who have supported us as we have expanded our production capabilities and reach in the glass processing market. MIG is in an excellent position for the next stage of its development.”
KCP managing partner Owen Trotter, added: “KCP is very happy to have played a role in the MI Glass story. In addition to delivering a return to our investors, it has been a pleasure to work with a UK manufacturer with such a strong focus on customer service and quality. We wish Alan, Glenn and their team every success in the future.”
KCP makes equity investments of between £3 million and £15m. Previous investments by the firm include Gear4Music, Construction Materials Online (CMO) and YorkTest.
