Jarvis has sold Laybond, its building products business, to a management buyout team for 拢20.5m.
The deal, which was backed by Close Brothers Private Equity, continues Jarvis鈥� 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: 鈥淲e now have the opportunity to move the business forward with new confidence.鈥�
Laybond, which had a turnover of 拢19.8m in the year to March 2000, makes flooring adhesives, roofing systems and general building products. It is expected to achieve sales of 拢23m by 31 March 2001.
The deal follows Jarvis鈥� disposal of its fit-out arm Jarvis Newman to another management buyout team, led by former Jarvis director David Freeborn.
