Maven completes £20m MBO of UAP

This is the GP's second investment from its new institutional buyout fund, following the acquisition of Scotland-based John McGavigan earlier this year. The vehicle reached a first close on £70m earlier this year and has a target of £125m, according to a person familiar with the situation.

The transaction includes a £8.7m equity investment from Maven and a significant reinvestment from the senior management team, with a view to accelerating growth by expanding the existing product range and entering into new markets. The growth strategy could also include bolt-on acquisitions.

Company
Based in Manchester, UAP was founded in 1996 by David Jennings. It has since grown organically and through acquisitions, including Fullex and CitySafe, which were both integrated into UAP in 2016. The company distributes 3,000 product lines, including door-lock cylinders, handles, hinges, and letterbox plates and guards. It exports to 25 countries. 

The lock and hinge market in the UK is estimated to be worth in the region of £900m per year, according to the business.

People
UAP – David Jennings (CEO).
Maven Capital Partners – Andrew Ferguson (partner).

Advisers
Equity – Grant Thornton (financial due diligence); Armstrong Transaction Services (commercial due diligence); Gateley (legal); BDO (tax); Argyll Fenton (management due diligence); JLT (insurance due diligence).
Management – DLA Piper (legal).

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• Maven Capital Partners
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