Foresight completes management buy-in of Industrial Engineering Plastics

Investment will underpin a growth strategy focused on sales and profitability. The transaction is in line with Foresight's preference for investments of £1-5m in UK-based and European SMEs to support management buyouts, management buy-ins and growth.

The alternative asset manager currently has over £600m worth of assets under management across a number of funds, including limited partnerships, enterprise investment schemes and venture capital trusts.

Company
Founded by Brian Winter in 1986, Industrial Engineering Plastics manufactures and distributes industrial plastics in the UK from its distribution centres in Hampshire and the Midlands. The company has achieved annual sales and EBITDA growth of 15% in recent years.

People
Foresight has appointed entrepreneur Richard Brown as incoming managing director of IEP, following his work on the MBO of a 3i-backed fire products business. Darrell Connell is investment manager at Foresight and worked on the transaction. Brian Winter is the founder of IEP and will remain with the company as commercial director.

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• Topics
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• Industrials
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• Foresight Group
• United Kingdom