Minova Sector: Industrials Date of investment: Apr 2003 Date of exit: Oct 2006 Return: 17.4x invested capital CBPE contact: Sean Dinnen The proof “We are delighted to have worked alongside CBPE who have provided excellent support to the management and the business since the MBO.” Sandy Arbuthnot, Chief Executive of Minova Enabling fivefold growth Supporting Minova's acquisitive growth strategy The opportunity Formerly known as Fosroc Mining and owned by Burmah Castrol, itself a subsidiary of BP, this business had built a quality reputation for supplying chemicals used to enhance safety and efficiency in the coal-mining, metal-mining and tunnelling markets. Working with the senior management team, we identified significant potential for a buyout of this non-core asset from the parent company to enable us to deliver accelerated growth, partly through an acquisition strategy. The strategy Having successfully completed the buyout in 2003, when the business was rebranded Minova International, we rapidly moved to implement a growth strategy based on three key imperatives: the acquisition of a US competitor; the purchase of the 50% shareholding of the German joint venture partner; and the acquisition of the small competitor businesses owned by this same German company, which were located in Poland, Russia and Australia. In parallel, Minova generated substantial organic growth in its existing operations and also pursued entry into new markets, notably China which, as the world’s largest underground coal market, offered excellent potential for growth. The result During the period of our ownership, Minova expanded and operated 13 manufacturing sites in seven countries, with key facilities in the USA, Germany, Poland, Australia and South Africa. The company’s new scale and capabilities enabled it to deliver EBITDA of £36m in 2006, a fivefold increase over the pre-CBPE period. In October 2006, we realised our investment through a sale to Orica, an Australian quoted company, for £360m, generating a return of 17.4x our original investment. Previous All case studies Next Get in touch We’re not silent investors, we’d like to talk and find out more about you. If you feel the same, please get in touch. Contact T +44 (0)20 7065 1100 enquiries@cbpecapital.com Location CBPE Capital LLP 2 George Yard London EC3V 9DH Media enquiries Peter Ogden Powerscourt Phone: +44 (0)20 7250 1446 Email: Peter.Ogden@powerscourt-group.com Copyright © 2021 CBPE Capital LLP. All rights reserved. CBPE Capital is committed to conform with the Walker guidelines. CBPE Capital LLP is authorised and regulated by the Financial Conduct Authority. Privacy Policy. Legal. Make an enquiry Name Email Message Send