TIP buyout goes lhead for £60m
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The long-awaited managemt buy-out at TIP-Europe taken place, with managing ector Jim Cleary and 22 ler directors paying Celco ) million for the company. aicorp Venture Capital ped organise the buy-out ich is supported by 15 equinvestors, including Charterhouse velopment, Kleinwort nson and Midland Bank. ['he 23 TIP directors now d a 10% stake in the corn with an option to in crease their stake should the company perform to expectations.
Cleary says there is unlikely to be any major change in TIP's approach to business.
Most of the 23 directors involved in the buy-out are based in England and the Netherlands (the locations of the company's twin headquarters), but there are representative directors from each of the seven other European countries served by the group.
Cleary says there are no plans at present to offer shares in the company to the 228 employees, but this may change in the future.
Backing for future capital investment, estimated at 220 million in the next 12 months, will come from the equity investors in the company, says Cleary.
Charles Gonszor, director of Citicorp Venture Capital, said: "We believe that a number of factors combine to provide considerable growth potential in TIP-Europe's market."