AMJPEAberdeen Murray Johnstone Private Equity (UK)
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3i and AMJPE originally invested in Zero Waste in 1999 as a start-up, investing around pounds 7m each for their respective 30pc stakes.
Ed Fazakerley of AMJPE said: "Zero Waste's ability to accept a wide range of hazardous waste into its Port Clarence site in a period of increasing regulatory control significantly enhanced the company's strategic importance.
When the founder decided it was time to retire in 1997 AMJPE found the capital for the business to be sold to the management and since then it has grown considerably.
Clients of AMJPE acquired Conveco in a pounds 17 million buy-out of the chain from Alldays in May 2001, investing a total of pounds 13.6 million in acquiring and developing the business.
Mike Collis who negotiated the sale on behalf of AMJPE, said yesterday: 'The successful sale of Conveco is the result of strong collaboration between the management team and our professional advisors who have worked effectively to get the deal away.
AMJPE clients achieved a return of 2.3 times the cost of their investment.
Hammonds in Birmingham advised 3i, AMJPE and the management team.
Mike Collis, who negotiated the sale on behalf of AMJPE, said: 'The management team has done a superb job in developing the business through carefully selected acquisitions, improving the profitability and establishing Laurel as a major player in the UK funerals market.'
We are pleased that both AMJPE and Bank of Scotland share in our vision and ambitions and have pledged to support our significant investment programme.'
In the deal, AMJPE has taken a minority shareholding in TMI.
The deal with AMJPE involved a number of Birmingham advisers, including Wragge & Co and Deloitte & Touche, and took just 88 days to complete.
Harry Jeavons-Fellows, head of Birmingham Office of AMJPE, added: 'The acquisition of the Jennings estate is the first stage in a buy and build strategy to create a focused group of food-led destination public houses in the Midlands and North of England.