Cardinal Ireland Partners, an Irish private equity growth fund managed by Cardinal Capital Group, has invested in Uform, a Toomebridge-based manufacturer of kitchen doors and equipment, as UK-based growth investor, BGF exited its investment in the company. As part of the deal, BGF will re-invest alongside Cardinal and will continue to back the company as a minority shareholder.
The new investment in Uform will be used to further increase the operating capacity of its 175,000–sq ft facility in Toomebridge, Co Antrim and to increase capacity at its sister company Andoras in Donegal.
Founded in 1993 by Eamon and Paul Donnelly, alongside their late father Eddie, Uform employs 415 people at facilities in Co. Antrim and Co. Donegal and delivers more than 1,500 kitchens per week to a growing, loyal and diverse customer base throughout the UK and Ireland.
BGF first partnered with Uform in 2019, when it made a multi-million equity investment in the business to enable founders Eamon and Paul Donnelly to accelerate the growth of the business. Following the investment by Cardinal, Eamon and Paul will remain on the Board of Uform and as significant shareholders alongside BGF.
As a result of BGF’s investment Uform has, over the last three years, invested in its production facilities and new equipment, as well as expanding its product range. This has enabled the business to achieve an annual growth rate of 40% and expand its market share in the UK, Northern Irish and Republic of Ireland markets.
PMSI provided VCDD to support the deal, including detailed assessment of the UK and Republic of Ireland market opportunity, competitor landscape, and an in-depth customer referencing exercise.
“The Commercial Due Diligence undertaken by PMSI has been instrumental in shaping our strategy. It’s given me the necessary visibility and confidence to ensure our investments are aligned to the market needs and trends. A superb piece of work executed by a very knowledgeable, efficient and capable team!”
– Simon Oliphant, Uform Group Managing Director
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