Jarvis has sold Laybond, its building products business, to a management buyout team for £20.5m.
The deal, which was backed by Close Brothers Private Equity, continues Jarvis’ strategy of disposing of non-core activities.
Managing director Richard Ewing, who led the buyout team, said acquisitions or joint ventures were a possibility for Laybond.
He said: “We now have the opportunity to move the business forward with new confidence.”
Laybond, which had a turnover of £19.8m in the year to March 2000, makes flooring adhesives, roofing systems and general building products. It is expected to achieve sales of £23m by 31 March 2001.
The deal follows Jarvis’ disposal of its fit-out arm Jarvis Newman to another management buyout team, led by former Jarvis director David Freeborn.
