CBPE Capital has backed the management buyout of Allied Glass Containers, the second time it has bought the manufacturing business.
The private equity firm bought the Leeds company from parent Associated British Foods in 2002.
It exited in a £75m sale to Equistone Partners Europe in 2010.
The value of the latest deal was undisclosed, but market watchers expect the business to have nearly doubled in value.
Allied Glass smashed through the £100m turnover mark last year and saw double-digit growth in core earnings.
Its customers include Diageo, William Grant, Chivas Brothers and Greene King.
Alan Henderson, chief executive, said in a statement: “We are delighted to have the opportunity of working with CBPE.
“We have known them for many years and we are very confident they are the right partner for us as we enter the next phase of our development.”
Allied Glass manufactures bottles for the premium spirits industry at two sites in Leeds and Knottingley.
It invested £4.5m in a new furnace last year to increase capacity by 10 per cent.
“CBPE’s prior knowledge of Allied’s market and our long-term relationship with management enabled an off-market approach and completion of the transaction outside of a process,” said its new owner.
Management, led by Mr Henderson, invested alongside the private equity firm.
Leading Yorkshire dealmaker Yunus Seedat advised CBPE on the transaction.
The partner at Addleshaw Goddard said: “Allied Glass is a world-class manufacturer.
“The company is a major employer in the region and CPBE’s investment will enable Allied Glass to expand further and fulfil its ambitious growth strategy.”