Duke Capital Ltd (LON:DUKE), a leading provider of hybrid capital solutions for SME business owners in Europe and North America, has announced a follow-on investment of £3.0 million into its existing capital partner, United Glass Group (UGG). This investment will enable UGG to complete its latest acquisition.
UGG is a progressive and service-orientated group of architectural glass processing companies that has been operating in the UK market since the early 1980s. UGG is currently comprised of three operating subsidiaries; Brownhills Glass Company Limited, Tufwell Glass Limited and London Architectural Glass Limited.
Highlights:
· Duke Capital’s funds will be used to facilitate UGG’s acquisition of Premier Double Glazed Units Limited (Premier), a business with market leading automated manufacturing capability of insulated glass units including triple-glazed.
· The financing increases Duke’s total investment in UGG to £15.0 million. The investment terms are in line with Duke’s typical cost of capital, including the +/- 6% annual revenue adjustment factor in respect of payments due.
· This transaction represents the first acquisition by UGG since Duke completed the secondary share purchase transaction earlier in 2024, which saw Duke’s equity stake in UGG increase to 73.8%.
Neil Johnson, CEO of Duke Capital, said:
“This latest funding increases our total investment in a partner which has consistently delivered since we first commenced our partnership in 2018. It is pleasing to see UGG successfully executing its buy-and-build strategy, expanding its presence as a national leader in the glass processing market. UGG’s acquisition and strategic progress further validates our decision to increase our holding in UGG earlier in the year and as a longstanding partner, we are fully committed to providing the capital and support needed to realise UGG’s vision and drive their continued success.”
Mark Harrison, CEO of UGG, said:
“We are thrilled to announce the acquisition of Premier, which marks a significant milestone in UGG’s journey towards becoming a national leader in the glass processing industry. This strategic move, supported by our capital partner, solidifies our position and propels our buy-and-build strategy forward. With a strengthened platform and a clear vision for growth, we are poised to drive long-term success and deliver exceptional value across the industry.”
Further information regarding Premier
Founded in 1996, Premier is a leading manufacturer of glass units in the Southwest of England. Premier’s end-market customers are typically those in the residential, commercial, and architectural markets.
Premier manufactures both double glazed and triple glazed units, specialising in manufacturing high-quality insulated glass units with an emphasis on energy efficiency and durability. It also offers bespoke glazing solutions for the high-end architectural market and operates with best-in-class manufacturing capabilities and a high degree of automation in the production process.
