Barclays Ventures, the private equity arm of Barclays Corporate,
has realised the majority of its remaining investment in Kee
Safety, a leading global provider of safety solutions, via a
secondary transaction, while retaining a share in the fast growing
company.
The successful partial realisation has seen Barclays Ventures
achieve a good return on its initial investment; backing an MBO of
Kee Safety in 2006. Ventures will retain funds in the fast growing
company alongside the incoming investor, LDC. Barclays Ventures
also realised part of its initial investment via a refinancing in
2007.
While Barclays Ventures remains closed to new, external
investment, the mid-market private equity vehicle is actively
managing its current portfolio over the long term, and also manages
equity positions taken on by the bank via its restructuring
arm.
Kee Safety is a global leader in the provision of safety
solutions in the areas of collective and personal fall protection
designed to separate people, working at height or on the ground,
from hazards. The business operates through a number of
internationally recognised brands including KeeGuard, Kee Line, Kee
Walk, Kee Access and Kee Klamp.
Kee Safety employs approximately 180 staff and exports to over
35 countries. In addition to Meriden, the business also operates
from Reading and Cradley Heath, and has overseas operations in the
USA, Canada, Germany and France, together with a growing presence
in the UAE, Poland and China.
Commenting on the transaction, Chris Milburn, Chief Executive of
Kee Safety said:
"Over the last few years there have been many positive changes
at Kee Safety with Barclays Ventures remaining supportive
throughout. This transaction provides a recognition of the progress
we have made to date whilst leaving Kee in a position to continue
to exploit its growth opportunities."
Alex Brebbia, Joint Head of Barclays Ventures, commented:
"Kee Safety is a great example of our strategy of realising
value over the long term. In retaining a minor equity stake in Kee
Safety we look forward to participating in the continued growth of
the business."
The transaction was completed with support from a number of
Midlands-based advisers including DLA who acted on behalf of
Barclays Ventures. Alex Brebbia and Jyotin Sethi managed the exit
on behalf of Barclays Ventures.