5th April 2004
James Briggs was acquired by American firm ITW Inc. for £20m. It was a successful exit for 3i which originally invested £5.7m for a 55% stake in the management buyout in August 1998.
James Briggs supplies chemical-based products to the automotive sector and has a turnover of £23m. Since the management buyout six years ago, the pre-tax profits have grown from £1.8m to more than £3m.
The firm has also secured a number of high profile accounts including Halfords, WD40 and Turtle Wax as well as significantly growing its export business.