Maven Capital Partners (“Maven”), one of the UK’s leading private equity firms, has completed the sale of UAP Limited (“UAP”), a leading designer and supplier of high performance door and window hardware, following a period of significant investment and impressive revenue growth.
Bury-based UAP, which has designed, manufactured and distributed advanced door and window hardware since 1996, has been acquired by global security and access company Allegion plc, through one of its subsidiaries.
While the financial terms of the transaction remain undisclosed, the exit has delivered a strong return for both Maven Investor Partners and Maven’s institutional buyout fund.
Maven first backed UAP, CEO David Jennings and the wider team in September 2018, leading the £20 million management buyout of the business to support its ambitious organic growth and buy-and-build strategy. Over the period of Maven’s involvement, UAP has completed five acquisitions, consolidating its position as a market leader, while investing heavily in technology, R&D and a new state-of-the-art facility on the outskirts of Manchester.
The company has developed a portfolio of proprietary, IP-rich product designs with a strong emphasis on high security and advanced fire rated solutions for both B2B and B2C markets. With a focus on innovation and compliance, UAP’s products are rigorously tested to meet standards including Certifire, Secured by Design and BSI Kitemark, providing trusted hardware for manufacturers, installers and end users.
Tom Purkis, Partner at Maven, said: “We are proud to have supported UAP’s journey in establishing itself as a leading independent player in the UK market. The buy-and-build strategy delivered the successful integration of five complementary businesses that have broadened the product and service range, enhanced innovation and expanded into new markets. This transaction delivers an excellent return for our investors and provides UAP with a strong platform to accelerate its next phase of growth with Allegion. We would like to thank David Jennings and the full UAP team for all their hard work and achievements”
David Jennings, CEO at UAP, added: “UAP have been proud to be supported by Maven Capital Partners both financially and with practical tangible advice throughout our partnership. Since 2018 we have made five significant acquisitions as a part of our buy-and-build strategy, we have also had a major relocation and investment into state-of-the-art headquarters in Bury and we have grown organically. We were always confident that if we needed support that Maven would be there, standing shoulder to shoulder with us. We would like to thank the Maven team and especially Tom Purkis, Andrew Ferguson and Mike Collis for their continued support and encouragement.”
