Close Brothers Private Equity has sold SP Systems, a UK composites business, to a Swiss industrial conglomerate for £85m (€130m), doubling the value of its investment after 20 months.

The sale to Zurich-based Gurit Heberlein, which took over £10m of debt and £75m of equity, will give Close Brothers Private Equity an annualised return of 50% on the deal, highlighting the benefits that can be realised from buying a business from a company that is in distress.