ICFG UK advises on the secondary MBO of UAP Ltd
HMT LLP, ICFG member based in Henley-on-Thames (UK) has recently advised the shareholders and management team of leading UK supplier and distributor of high specification door and window hardware UAP Ltd on the secondary management buy-out backed by Maven Capital Partners.
Established in 1996 by David Jennings and based in Manchester, UAP has an extensive and market leading portfolio of brands across key product areas such as door lock cylinders, handles, hinges, letter box plates and guards. The business has a track record of delivering growth, both organically and through acquisition, in a highly fragmented market and in 2016 the Business acquired and successfully integrated both Fullex and CitySafe to expand their product range and service offering.
UAP has established a reputation for innovation and safety, with a significant proportion of its product range backed by patents, and British Kite marked and Secured by Design approved meeting the latest security and fire safety regulations. The business now offers over 3,000 product lines and exports to 25 different countries.
The transaction, backed by Maven Capital Partners and HSBC, valued the business at £20 million and will enable UAP to further accelerate growth with an expanded product range and entry into new markets.
David Jennings will maintain his postion as Managing Director of UAP. Maven investment Directors Tom Purkis and Michael Collis have also joined the Board.
HMT acted as lead advisors on the transaction which included assessing the strategic options for the shareholders and management, identifying suitable investment partners, negotiating detailed investment terms, tax structuring and project managing the deal to a successful completion.
DLA Piper, led by Yunus Maka and Andy Phillips were legal advisors to the shareholders and management.
David Jennings at UAP commented:
“HMT were mandated to find an investment partner to allow UAP to accelerate its growth plans and optimise shareholder value. HMT provided invaluable support and practical advise throughout the process and ensured that the transaction was delivered with minimum disruption to the business."
Andrew Ferguson, Partner at Maven commented:
“HMT articulated a clear and precise investment opportunity for UAP which encouraged us to make a significant investment to support its growth strategy. Andrew and his team at HMT were extremely hands-on, anticipating and resolving all deal critical issues and ultimately ensuring a successful completion of this transaction.”
Andrew Thomson commented:
“We are delighted to have advised David and UAP on the secondary MBO of the business. David and his team have successfully grown UAP and the additional fire power provided by Maven will enable UAP to realise its huge growth ambitions and become the clear market leader.”