Private equity firm Equistone has completed the sale of Yorkshire-based glass container manufacturer Allied Glass to former owners CBPE Capital.
CBPE is understood to have paid between £120m and £130m for the business, which it sold its majority share in back in 2010.
During the three-year investment period, Allied Glass has consistently performed well, delivering strong year-on-year growth.
The firm completed a multi-million pound investment into its site in Knottingley to boost production and keep up with demand earlier this year, supporting a new decoration facility.
This transaction will see the management team retain a stake in the business with a continued focus on growing revenue from existing end markets.
Steve O’Hare, partner at Equistone and Non-Executive director at Allied Glass, said: “The business has grown strongly over the last few years by putting the customer at the heart of everything it does, investing significantly in operational capability and expanding its product offering.”
Allied Glass managing director Alan Henderson said that while Equistone proved an ideal partner during the last few years, he is looking forward to working with CBPE.
“It has been a very enjoyable period working with Steve and Equistone and we are looking forward to working with CBPE again. We have known them for many years and are confident that they are the right partner as we enter the next phase of our development.”
The company, which employs over 660 people across two factory sites in Leeds and Knottingley, is the UK’s fourth largest glass bottle manufacturer by volume and a leader in specialist bottle serving the high-end global spirits industry.
Allied specialises in the production of complex bottles and supplies containers to world-leading brands including Johnny Walker, MaCallan and Smirnoff vodka.