Phoenix takes Jaycare in MBO led by MD Watt

Newcastle-upon-Tyne-based pharmaceutical packaging specialist Jaycare has been bought by a venture capitalist company for the second time in four years.

The company was sold by 3i to Phoenix Equity Partners for an undisclosed sum in a deal brokered by PricewaterhouseCoopers.

Jaycare, a former Waddington company which now has 200 employees, was bought by 3i in September 2000 for 29m from Communisis.

Jaycare managing director Keverne Watt said: When we did the buyout in 2000 the economy was tough, but with the tremendous support of our staff we have been able to achieve a great result, for 3i and for the staff themselves.

Along with Watt, the firms management team includes sales director Lyndon Wild, finance director Nick Nolan and operations director David Young.