Close Brothers Private Equity (CBPE) today announces the sale of Laybond Group (Laybond) to Bostik, the global adhesives and sealants company, for an undisclosed sum.

Chester-based Laybond is one of the leading manufacturers of flooring adhesives, roofing systems and general building products in the UK. The company’s brand portfolio includes Gripfill™, the market leading gap-filling adhesive and Screedmaster smoothing compounds.  Its products and systems are distributed through flooring and roofing distributors and builder’s merchants, and its customers include companies such as Travis Perkins and Jewsons.

CBPE principally funded the successful expansion of Laybond’s Gripfill adhesive. Bostik is a leader in the adhesives and sealants marketplace in the industrial, construction, and consumer sectors. The company is owned by Total SA and has sales operations in 45 countries across five continents. CBPE acquired Laybond as a management buyout from Streamline, an infrastructure services division of Jarvis plc in September 2000.

CBPE held 84% of the equity of the company, with the balance owned by the management team. The sale marks a return to CBPE of double its original equity investment of £7.4 million.

CBPE partner Sean Dinnen commented:

“Laybond has been a successful investment for CBPE. It is a good business with a strong management team and first class products, many of which are clear leaders in their market place.

The sale represents CBPE’s fourth exit during 2005. CBPE has returned £119 million to investors in the last 12 months.

Advisors to CBPE, on this transaction were Amethyst Corporate Finance (financial) and Dickson Minto (legal).

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For more information contact:
Close Brothers Private Equity
Sean Dinnen: 020 7065 1132
Ben Alexander: 020 7065 1136

This press release has been issued by Close Brothers Private Equity LLP.