Infinity wraps up second deal with Flextex

Lancashire-based Flextex has been bought by new managing director Mark Davenport and the firm’s existing management for a seven-digit figure.


Lancashire-based Flextex has been bought by new managing director Mark Davenport and the firm’s existing management for a seven-digit figure.

Lancashire-based Flextex has been bought by new managing director Mark Davenport and the firm’s existing management for a seven-digit figure. Private equity house Infinity Asset Management took a minority stake in the packaging business with debt provided by Royal Bank of Scotland.

The £6 million turnover business produces packaging and polythene bags for packaging merchants. It was founded in 1985 by Mike Martin and Bill Bird, who originally operated from a small warehouse with only one bag-making machine.

The buy-in will enable founder Martin to exit and retire after 30 years with the business.

Bill Bird, who will remain with the company, said: “This deal will breathe new life into the company. Mark brings some good ideas and a great desire to succeed. I am confident that Flextex will progress and we are all looking forward to greater success.”

In December, the Manchester buy-out house took a majority stake in Tyne and Wear-based Goldshield Electronic Security, a designer, installer and maintenance provider of electronic security, surveillance, communications and control systems, for £2.8 million.

Daniel Finestein, managing partner of Infinity, said: “It’s a steady business, which isn’t affected by the recession.”

Marc Barber

Raven Connelly

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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