Sherman Cooper, which makes Ben Sherman shirts, has been bought out by its management team, led by former managing director of apparel Miles Gray, in a deal that values the company at more than £120m.The team has raised capital from Northern Ireland's Enterprise Equity and the Bank of Scotland, as well as from 3i, which finded an earlier management buyout seven years ago.3i had intended to sell Sherman Cooper when the original buyout team decided to quit the business, but decided to stay with the new team. The company's sales have risen from £20m in 1993 to £80m today, and the three-year target is £145m.