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Private equity company 3i have signed an agreement to support the management buy-out of the UK and Ireland Infrastructure businesses from the Uponor Corporation.
The new business will be named Radius Systems Ltd after completion of the sale, supplying plastic pipe systems for the underground gas, water and telecommunications utilities.
Radius Systems ceo Stuart Godfrey said: “We believe the sale of the infrastructure business provides a bright future for our customers and our employees. We now have a strong, UK-headquartered business, able to concentrate all its energy and resources on serving the needs of our many customers in the utilities markets.
“With 3i’s involvement and experience, we will be able to capitalise on the market prospects ahead and to grow our international business too.”
Alan Fletcher joins the new Board as non-executive Chairman.
