United Kingdom packaging blow molder M&H Plastics Ltd., which runs a plant in Winchester, Va., has been sold by private equity owner J.P. Morgan Partners LLC in a management buyout.
The buyout at the Beccles, England-based molder, achieved with financial backing from Bank of Scotland Corporate's Integrated Finance division, will allow M&H to expand through new acquisitions, it said.
In March 2003, the firm was purchased by New York-based J.P. Morgan Partners with M&H managers owning a share of the business. Since August 2006, it has been managed by New York-based CCMP buyout offshoot Capital Advisors LLC.
Terms of the latest deal were not disclosed. The M&H management buyout team is led by its Managing Director Mark Bryant.
``This is great news for everyone involved with M&H. The team is very excited and looks forward to working with Bank of Scotland Integrated Finance to deliver the next phase of our growth strategy,'' Bryant said.
``This arrangement allows M&H to take the business forward with a solid financial platform upon which to fund further acquisitions and at the same time ensure continued investment in its existing operations,'' the firm said in a statement.
The company employs 500 at its 450,000-square-foot Beccles molding plant, which produces a wide range of standard and custom made plastic bottles and tubes for the personal care market.
M&H launched its 65,000-square-foot facility in Winchester in 2004 as part of a three year, $12 million investment plan to serve growing North American demand. It began with six Magic-brand extrusion blow molding machines and four printing lines and a 20-strong workforce.
``With M&H's solid footing in key and growing sectors, we are confident that this is a sound and sustainable investment,'' said David Hornby, BOS Corporate's director of Integrated Finance, of the new deal.