Thu, 15 Jan 2015 | DIVISION SALE
NVM Private Equity has sold its stake in a clay pigeon firm based in the north west of England.
The senior management team at Promatic, the clay pigeon shooting target maker, completed the sale in conjunction with a Corby-headquartered manufacturer and distributor of clay pigeon targets, CCI International, in an MBO. The sale was agreed at twice NVM's original investment.
NVM originally purchased the stake in Promatic in 2007 in order to support its MBO and boost the firm's ability to leverage its own brand.
Promatic employs 55 people at its Hooton, Cheshire headquarters along with another 15 people at Gower in Missouri in the US. Operating for 25 years, it reported sales of £7.2 million in the year to December, 2013. The partnership with CCI will now see a 'one-stop shop' created for customers in terms of products and services, it was confirmed.
Promatic chief executive, Brian Jardine, said: "We look forward to expanding our market worldwide utilising the synergies of the different products of both companies. This is a fantastic opportunity to better serve the clay shooting industry with quality clay traps, clay targets and other shooting equipment.
"Combining the experience of Promatic and CCI, we can better equip the industry with quality and innovative products that will meet the needs of customers and shooters alike.”
The clay and live quarry shooting industry is worth around £2 billion a year to the UK economy.
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