Glasgow-based private equity house Maven Capital Partners, which describes itself as one of the most active firms of its kind in the UK, has led the £20 million management buyout of a door and window hardware specialist.
Maven has taken the lead regarding Manchester-based UAP in the deal that represents the Scottish firm’s second investment from its new buyout fund, having earlier this year led an investment in Glasgow-based plastic producer John McGavigan.
The private equity firm said UAP, a supplier and distributor of high-specification door and window hardware that was founded in 1996, has grown both organically and via acquisitions, including Fullex and CitySafe, which were integrated into the group in 2016.
And it added that the transaction, which includes an equity investment of £8.7m from Maven and a “significant” reinvestment from the senior management team, will enable UAP to accelerate growth with a larger product range and entry into new markets. UAP already has more than 3,000 product lines and exports to 25 countries.
Maven partner Andrew Ferguson said: “We are delighted to have completed the second investment on behalf of Maven’s new UK Regional Buyout Fund. UAP is a highly profitable, fast-growing and market-leading business. It is led by a highly experienced management team who have big ambitions for the business to become the clear market leader. We are excited to support UAP in its growth strategy, which may also include strategic bolt-on acquisitions.”
UAP founder and chief executive David Jennings also commented: “In order to realise our huge growth ambitions it was vital to us that we aligned ourselves with a pro-active private equity house who shared our vision…
“I know that we now have an equity partner who will help us shape our future and support our growth story going forwards. Our goal now is to repay the faith placed in us by Maven, and it is a challenge that we will relish.”