Barclays Private Equity has been bought out by its management team, it was revealed yesterday.
The buyout has led to the creation of a new firm – Equistone Partners Europe – which owns two major Yorkshire firms, Afi-Uplift and Allied Glass.
Yesterday, Steve O’Hare, the director at Equistone in the north, said he was looking at further deals in Yorkshire, which could complete in 2012.
He added: “We are always looking for businesses to invest in.”
Wakefield-based AFI-Uplift, which employs around 250 staff, helps people to work safely at height.
The company, which is a powered access machine rental specialist, had an annual turnover of around £23m, and recently bought a division of the Welsh firm AJ Access Platforms.
Leeds-based Allied Glass, which has more than 800 staff, makes glass containers for the premium spirits industry and its customers include Diageo and William Grant & Sons.
The company has a turnover of around £85.5m, and recently invested millions of pounds in new machinery.
Guillaume Jacqueau, the managing partner of Equistone, said: “Our team’s successful investment track record has been established over many years by a consistent focus on identifying and partnering with winning management teams in the European mid-market to achieve long-term growth and impressive returns for our investors.”
Barclays, which last month posted higher profits as gains in its retail banking and credit card business offset a slowdown at its investment banking arm, has been selling off non-core assets to improve its returns.
Last month, it sold its Russian retail and commercial banking operations to local banker Igor Kim, while in June it sold a portfolio of funds worth $740m (£464m) to French insurer AXA.
Barclays said the Equistone business would continue to manage its three funds on behalf of existing investors.