NVM Private Equity (NVM) has invested £3m to support the £4.4m management buy-out of Cleveland Biotech, a provider of environmentally friendly biological waste treatment products.
The change in ownership will allow the management team to build the business organically. They are targetting growth in existing and new markets across Europe.
Ben Hoskyns, managing director of Cleveland Biotech said: "We are delighted to complete the buy-out, which is a strategic move for our business as we make plans to expand into new markets. The NVM team have been extremely supportive during the deal process and made considerable effort to understand our business. We look forward to working together to take advantage of the growth potential in an ever evolving sector of the market."
Mauro Biagioni, director of NVM, said: "This is a very interesting sector to invest into right now as FOG management expenditure steadily increases in order to avoid legislative penalties. We are excited to be backing an experienced management team with a clear vision for CBio's future growth."