Kingfield Heath is undergoing a management buy-out (MBO) for Â£85 million ($158 million), including assumed debt, Legal and General Ventures (LGV) has announced.
LGV, a UK-based private equity firm that backs MBOs and MBIs (management buy-ins) with attractive market positions in the UK mid-market, is backing the wholesaler’s management team in the deal, which is led by the wholesaler’s CEO Alan Barclay.
Richard Martin, formerly finance director of The Stationery Office, will take over the business as chairman, it was disclosed
Barclay said: "We are very pleased to welcome LGV as new shareholders in Kingfield Heath. With its support we will continue to grow and develop our service offering to our customers and suppliers. We are confident that our business will thrive under LGV’s ownership and that the benefits will be felt by our customers, suppliers and colleagues."
Michael Mowlem, director at LGV, added: "We are delighted to be backing Kingfield Heath’s management through the next stage of its development. The company has developed its operating model over a number of years and we are keen to continue its development in the growing office supplies sector."