Bank of Scotland Integrated Finance has made its first moves outside of its traditional middle-market after doing two deals worth £1.3bn (€1.9bn) since June and is eyeing the £450m buyout of a UK plastic pipe maker.

The bank's integrated finance division, which supplies integrated equity and debt capital to managers and entrepreneurs to enable them to achieve management buyouts, has completed five disclosed transactions with a total value of £1.4bn this year. In the past three months, it has been concentrating on much larger deals, driving up its average valuations well beyond its typical target range.