Etex: Sale of VIP-Heinke
One of the Glynwed Pipe Systems businesses bought by Etex last year has been sold on. Plastics and rubber seal maker VIP-Heinke has been bought by a consortium including Close Brothers Private Equity and Grove Industries, which owns United Polymers Group. Non-executive chairman of Grove Industries David Grove has taken on a similar role at VIP-Heinke, while chief executive of United Polymers, Rod Lister, becomes a director at VIP-Heinke. No price has been put on the company, but VIP-Heinke’s turnover last year was around £12 million.