The management at Styles & Wood, which project-manages retail store developments for blue chip companies, bought 3i's shareholding in the business, which joined the company when it backed an MBO in 2001.

The funding was provided by Aberdeen Murray Johnstone Private Equity (AMJPE) and The Royal Bank of Scotland plc Corporate and Structured Finance (RBS).

Styles & Wood's chief executive, Neil Davies, said AMJPE and RBS have joined the company at an exciting time, as it develops new products and services though an acquisition programme. "AMJPE and RBS will support us as we build our business and continue to grow market share" he added.

AMJPE's team was led from its Manchester office by Paul Newton, Andy Lees and Michael Rogan, with Gary Tipper joining Styles & Wood's board.

Newton said the deal's biggest challenge was its aggressive timetable. "The deal was done in exactly eight weeks from us being awarded the mandate to completion."

He added that this is an exciting business operating in a sector that is forecast to grow between 7%-8% a year. "The business is well placed to benefit from this trend thanks to a service model designed to fit with the property requirements of the UK's major retailers," Newton said. "Added to this, we are backing an extremely professional management team that has a proven record of success and a demonstrated drive and determination to take the business onto the next stage. This is potent combination."

RBS' regional director, Phil Tarimo, said the bank is impressed with Styles & Wood's management team. "Working closely with them in this transaction, we gained a full appreciation of their strategic objectives," he added. "This coupled with their highly trained work force and a quality client base gave us every confidence that the company is well structured for success."

Styles & Wood appointed Rickitt Mitchell as its lead adviser, with managing director Paul Mitchell leading its team.

Mitchell said the firm has worked with the company on several transactions since 2000 and project managed this deal.

"The key challenge was to drive the process through to completion in a relatively short timeframe, thus minimising as far as possible the burden on the management team," he added. "Styles & Wood is a high quality business, run by an extremely professional and committed management team.

"We have no doubt that the business will continue to grow and that it will be in a position to consider a range of exciting opportunities over the coming years."

3i director Keven Parker said the firm had been delighted with the performance of the business since 2001. "Styles & Wood is run by a highly professional and motivated management team and it has been a very positive experience working with them to develop and enhance the business over the last few years." He added.

Paul Mitchell and Matthew Bryden-Smith of Rickitt Mitchell & Partners advised Styles & Wood.