An GBP8 million refinancing deal has enabled a consistently profitable manufacturer of safety critical valves and fittings to redeem the entire acquisition finance from a venture capital firm.

An GBP8 million refinancing deal, including GBP 3.5m provided by GE Commercial Finance, (GECF) has enabled Close Brothers Growth Capital (CBGC) to successfully exit its investment in St. Helen's-based Delta Fluid Products Limited (Delta). The advisers on the deal were Dow Schofield Watts LLP.

GECF's financing has enabled Delta's management team to redeem the entire acquisition finance originally provided by CBGC.

DFP is a long established, consistently profitable manufacturer of safety critical valves and fittings with an annual turnover of GBP 12 million.

The management team is led by chief executive Brian Travis, formerly of Delta plc, who has over 20 years experience in this sector.

The team has worked together for over six years and is responsible for developing DFP into one of the leading suppliers of safety critical valves in Europe.

Delta's management team bought the business out of Delta plc in April 2002, with funding from CBGC.

Commenting on the deal, Mark Shackleton, Regional Director at GE Commercial Finance, said: 'GE Commercial Finance is delighted to have been involved in the execution of this interesting deal, and we look forward to supporting Brian Travis and the management team in the ongoing development and growth of the business.' Brian Travis, Chief Executive of DFP, said: 'This has been a very successful deal for us.

In the 21 months since the MBO we have increased sales and profitability and we look forward to continued success in our chosen markets.' Andy Dodd at Dow Schofield Watts LLP added: 'The innovative deal structure, GECF's flexible approach and management's commitment combined well to achieve a successful outcome for everyone.' Garrett Curran at CBGC commented: 'We are delighted with our investment in Delta Fluid Products, which has produced significant returns for our investors in less than two years.

The business outperformed our original investment plan and was ahead of its contractual redemption schedule.

This gave GE Commercial Finance the confidence to back the management team with a refinancing package which enabled them to make us a highly attractive offer to fully exit the business well in advance of our target holding period.'