UAP announces completion of £20 million buyout by Maven Capital Partners
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. 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.
In order to grow and support all its customers properly, UAP needed to move to a new level. And to do that UAP needed 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.”
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.”
With the additional funding now available to UAP, it is a very exciting time not only for UAP, but for all of its customers. There is renewed confidence that UAP is financially very strong and secure to help support customers every step of the way. It is UAP’s aim to work closer with its valued customer base, and the funding will allow the company to introduce new products and levels of service that will hopefully stand it apart from all of its competitors.
UAP will be announcing some new board members shortly, and David Jennings will remain as CEO of the new group. David Pearson, formerly Managing Director of Focus DIY and Wickes will be joining the board as non-exec Chairman with immediate effect.
