The world of hardware and locks in the UK market has seen another buyout, this time it is UAP and Maven Capital Partners. The deal is worth £20m and this is what UAP announced on the news section of their website.
The statement
In what is one of the biggest stories this year in the door hardware industry, UAP Limited have just completed a £20 million management buyout by one of the UK’s most active private equity firms in the lower mid-market, Maven Capital Partners.
So why have we decided to get investment?
As a company, UAP has grown over the last 20 years in to the company it is today. We currently have over 3,000 product lines and export to 25 different countries. Going forward, we have very ambitious plans with a host of new Fullex locks, UAP cylinders, letterplates, handles and a whole lot more products both here in the UK and overseas.
We recognised that in order to grow and support all our customers properly, we needed to take UAP to a new level. And to do that we need experienced investors to help guide the business.
David Jennings, CEO of UAP, says “UAP is growing at a significant pace backed by a fantastic team and enviable product portfolio. 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. From the very first meeting, I have been impressed by the sheer professionalism of Maven Capital Partners. And 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.”
There is no doubting that as a company UAP has grown significantly and has made real progress into building up market share through acquisitions and expansion of their own product offerings. UAP will be hoping that with this new money they can boost that growth further. This could mean further acquisitions, expansion of product portfolios, increased stock supply, premises expansion etc.
Who are Maven Capital Partners?
According to UAP’s article:
Formed in 2009, Maven is an independent alternative asset manager, with over £415 million of assets under management. They provide a nationwide team of private equity and property professionals, who will work closely with our management team to help progress the company.
Andrew Ferguson, Partner at Maven, says “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.”
“The culture of innovation in the business, customer service and its commitment to new product development is a key differentiator to competitors in the market and this has firmly cemented UAP as one of the UK’s leading suppliers of quality door and window hardware. Maven will provide UAP with committed capital to pursue this growth strategy, the team know they have a supportive investor backing their development plans.”
UAP will be one of your companies to keep an eye on in 2019.
Check out the full news article on the UAP website here
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