THE future looks bright for Perseverance Mills and Scapa Mouldings - now owned by Padiham Group Limited.
In a management buy-in, backed by venture capital group 3i plc and the Bank of Scotland, the two businesses were bought from Scapa Group plc in a deal worth £24m.
Both were non-core subsidiaries of Scapa Group.
Perseverance Mills, based in Padiham and Blackburn, manufactures Pertex, a leading brand of lightweight, windproof fabric used in outdoor leisure and sports clothing, parachutes and printer ribbons.
Scapa Mouldings of Rishton and Durham is market leader in polystyrene packaging widely used by the electronics and white goods sectors.
The buy-in team comprises Chairman Alex Watson, former MD of the Carnaud Metal Box Company, Chief Executive Keith Chapman, formerly MD of Bibby & Baron Group, and Finance Director John East.
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