Business
Increased Equity Stake in United Glass Group
Increased Equity Stake in United Glass Group.
About this update from Duke Capital Limited
[{"type":"text","content":"\n\n04 March 2024\n \nDuke Capital Limited\n \n(\"Duke Capital\", \"Duke\" or the \"Company\")\n \nIncreased Equity Stake in United Glass Group\nDuke Capital Limited, a leading provider of hybrid capital solutions for SME business owners in Europe and North America, is pleased to announce it has increased its equity stake in United Glass Group (\"UGG\") from 30.0% to 73.8% through a £2.9 million secondary share purchase from existing shareholders. 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. \nHighlights:\n \n· This investment aligns with Duke's vision to deepen its engagement with its high-performing portfolio companies. By increasing its equity position, Duke reaffirms its confidence in UGG's potential for sustained success and reinforces its commitment to the company's growth trajectory\n· This transaction rewards UGG's management team for the strong financial performance that they have delivered to date while ensuring that significant potential future value remains available to them from a further exit event and that the core executive team remain dedicated and aligned with the long term interest of all stakeholders\n· UGG has a pipeline of attractive acquisition targets which underpins Duke's confidence in the Company's long-term growth potential\n· Duke also retains the right, but not the obligation, to provide additional senior secured debt funding to UGG to finance its future acquisitions with Duke's current debt exposure to UGG being £12.0m\n \nNeil Johnson, CEO of Duke Capital, said:\n \n\"We have been invested in UGG since 2018 and during this time the Company has achieved significant growth and proven itself to be a highly successful partner. Their long-standing track record and strong potential for future growth means that it makes perfect sense to increase our equity stake in the business.\"\n \nMark Harrison, Managing Director of UGG, said\n \n\"We are thrilled to deepen our partnership with Duke Capital through this equity transaction which demonstrates Duke's confidence in UGG's growth prospe...