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SP Systems announced that its management had concluded a deal to buy the company from Zoltek Companies, Inc., the carbon fibre manufacturer based in St. Louis. Zoltek acquired SP Systems in November 1999 as part of its plans to move downstream into intermediate composite materials. Zoltek later made further acquisitions in pursuit of the strategy. Commenting on the sale, Paul Rudling, SP Systems’ Managing Director who headed up the MBO said. “We are very pleased to have been able to make this acquisition in partnership with Close Brothers Private Equity and Lloyds Bank. Since our acquisition by Zoltek last year we have continued to grow our business and this growth is expected to continue strongly next year. Our new partnership with Close Brothers and Lloyds Bank will give the support needed to finance such growth in the future. We appreciate that it is unusual for former owners of a business to buy it back after such a short time, particularly after it has increased in value. However we are very excited and enthusiastic about the future of the company and its technology and we are very pleased with this outcome.” The company is now 75% owned by fourteen members of the management team with Close Brothers Private Equity taking the remaining 25%. For further information contact
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