Barclays Ventures sees many growth opportunities in the deal, which involves a number of West Midlands financial organisations.
JBMI was advised by KPMG Corporate Finance in Birmingham and law firm Cobbetts.
JBMI was established in 1979 and is managed by Miles and Ashley Brough. Its core activity is the recycling and refining of aluminium dross, the by-product of primary aluminium production and the refining of aluminium scrap to produce aluminium which is then re-used in industrial manufacturing processes.
Catalyst Corporate Finance research director Mark Wilson told MRW: This looks like a deal driven by the strength of commodity prices and an opportunity for Barclays Ventures to invest in the industrial waste recycling sector. It is another indication of private equity companies backing the waste sector because they see good growth opportunities in them.
JBMI managing director Miles Brough said that the deal will take the family business on to the next level of corporate development.
He explained: This will involve additional professional directors, new shareholders from the existing JBMI team and Barclays Ventures, a new funding partner which will facilitate the growth in our core business as well as diversification into novel areas of industrial waste recycling.
Barclays Ventures regional director Andy Lees said: Miles and Ashley have taken their family business and turned it into a significant international player. The waste issue is becoming increasingly complex for corporates and JBM has a great track record at turning these potential problems into useful industrial products. With Barclays Venture as a partner.the business will be well placed to capitalise on the many growth opportunities it has available.
Birmingham KPMG Corporate Finance director Gary Davies added: Despite pressures on the deal environment as a result of the current financial and economic conditions, this transaction with Barclays Ventures is evidence that there are still opportunities out there for strong businesses.
Barclays Ventures is funded and owned by Barclays Bank.
Image: JBM, Barclays Ventures, Yorkshire Bank, KPMG players holding aluminium bars