The company, based in Cannock, Staffordshire, has sold a majority of its equity to the Audax Group, a US-based investment firm headquartered in Boston, Massachusetts.
NFP make a range of aluminium products which are sold to caterers, food manufacturers and blue chips countries.
The business has operations in France and Belgium as well as its factory in Cannock, the exact details of the deal have not been disclosed
The deal, the details of which have not been disclosed, means that the company’s founder, Wilson Nicholl, will be stepping down as chairman.
However, Nicholl will continue to work for the business as a strategic advisor and retains some shares in the company.
He said: “This is a terrific outcome for Nicholl’s employees and customers.
“Partnering with Audax will provide our business the resources to strengthen our position in Europe and further penetrate the U.S. market.”
NFP’s management team is now being led by chief executive officer Andrew Dent.
He said: “Our business has a track record of being successful and, in the race for global efficiency and profitability, the strategic step of introducing a private equity partner with more than $2.4bn of capital under management provides us with sufficient resource to deliver a secure and growing future for all of our employees.
“We have built a strong platform from which we will compete globally with our unique products, our high standards for hygiene, customer service, efficiency and, above all, our greatly talented people.”
The company was advised by Livingstone Guarantee LLP, a partner of Brown Gibbons Lang & Company LP who made the proposition to Audax.
Jamieson Corporate Finance LLP advised the management team.
Senior debt financing was provided by Barclays and The Bank of Ireland.
© Crimson Business Ltd. 2007
