Royalty investment backs manufacturer’s buy-and-build strategy
United Glass Group has bought an insulated glass manufacturer in Devon with the backing of £3m funding from its owner, Duke Royalty.
Premier Double Glazed Units, based in Newton Abbot, will become part of the group that already includes Brownhills Glass Company, Tufwell Glass and London Architectural Glass.
UGG chief executive Mark Harrison said the acquisition “marks a significant milestone in UGG’s journey towards becoming a national leader in the glass processing industry”.
He added: “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.”
Premier was founded in 1996 and now employs around 35 people, manufacturing double-glazed and triple-glazed units.
The acquisition follows on from Duke completing a secondary share purchase earlier this year, which increased Duke’s equity stake in UGG to 73.8%. It has now invested £15.0m into the Walsall-headquartered group through its royalty investment model, which sees repayments adjusted up or down based on the performance of the business.
Neil Johnson, chief executive 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.”
