Glass processing firm acquired by pan-European investor
Huddersfield glass specialist, Dual Seal Glass, has been acquired by Munich-based investor AEQUITA.
Dual Seal Glass is an independent processor of high performance vision and insulated spandrel glass panels for the construction industry.
It was founded in 1995 by the late David Meredith and his son, Nigel, and is now an insulated glass unit manufacturer, serving the commercial glazing market.
The acquisition by AEQUITA was advised on by Azets, a regional accountancy firm and business advisor to SMEs.
AEQUITA is a Munich-based family office investing in special situations including corporate carve-outs, successions, and recovery situations across Europe.
It has acquired 100% of the ordinary share capital of Dual Seal Glass in the firm’s third glass operations acquisition in Europe in three years.
Dual Seal Glass joins AEQUITA’s two new business units which were rebranded as vandaglas in 2021 and have total sales of more than €100m/£83m. The acquisition of Dual Seal Glass is AEQUITA’s first in the UK and forms part of its investment strategy to create a pan-European glass processing business.
Azets’ Mark Selby, national head of corporate finance, and Tom Eastwood, associate director, advised the shareholders of Dual Seal Glass and managed the end-to-end sales process, supported by specialist building products and glass sector consultant, Simon Carin.
Nigel Meredith, managing director of Dual Seal Glass Limited, said: “It was no easy decision to sell the business, especially during a pandemic, but I’d like to thank the Azets team, both Mark and Tom, who led a sales process that resulted in us receiving a number of competitive offers and, ultimately, a successful sale.
“AEQUITA offers the best overall fit for Dual Seal Glass, with existing operations in Europe and ambitious growth plans for the UK market.
“Dual Seal Glass is well positioned to enter the next phase of its development.”
Selby added: “It was a pleasure to work with Nigel and his team and we wish him and his family all the very best for the future.
“We have worked closely with Simon Carin over the past few years and his input into the sale of Dual Seal Glass was invaluable.
“Throughout the process we have been able to establish a wide network of active market participants throughout Europe.
“The building products sector and, in particular, the glass and glazing sub-sector, is seeing the benefits of current economic conditions. These positive trends are driving M&A activity.”
