Management buyout at Smiths

An agreement for a management buyout at Smiths Metals Centres for a consideration of £9.6 million has been announced by Delta. This disposal is in line with Delta’s strategy of focusing on its identified long term growth businesses of electrical protection, galvanising, electrolytic manganese and plumbing products. The MBO team, led by managing director Hugh Dye, has secured support from 3i, which has invested £3 million in the company, and from the Bank of New York. The team has bought all the assets, and the trade and business of Smiths.