Uform, a Northern Ireland manufacturer and distributor of kitchen doors and accessories, has agreed private equity investment with Cardinal Ireland Partners.

Founded in 1993 by Eamon and Paul Donnelly, alongside their late father Eddie Donnelly, Uform employs 415 people at facilities in Co. Antrim and Co. Donegal, and delivers c.1,500 kitchens per week to customers in the UK and Ireland.

In a statement, Cardinal said the Donnelly brothers will remain significant shareholders in the business, alongside Cardinal and BGF, a UK private equity investor.

BGF first invested in Uform in 2019, when it made a multi-million equity investment in the business. With Cardinal Capital’s arrival, BGF has sold down some but not all of its stake.

BGF’s Graham Clarke stated: “We are really pleased to be able to report our first significant exit in Northern Ireland. BGF was set up to back brilliant businesses that are looking to scale and that is exactly what Uform has done.

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“The exit of our original investment has generated a return of greater than 2x with a strong IRR of 25%, which clearly demonstrates the high quality of entrepreneurs and businesses we are backing.

“Moving forward, we’re excited to be re-investing in the business and continuing our association with the company as it enters this next phase in its growth journey.”

BGF has invested in five other NI ventures: : Braidwater, RiverRidge, Audit Comply, Bob & Berts and Mzuri.

Cardinal said its investment will be used to expand Uform’s operating capacity at its 175,000 sq. ft. facility in Toomebridge, Co. Antrim.

The investment will also be used to bolster Uform’s expertise, capability and capacity in paint-to-order products, providing customers with a wider selection of colours and finishes.

Cardinal’s investment will also be used to increase capacity at Uform’s sister company in Donegal, Andoras, which makes made-to-order artisan kitchen furniture under the ‘Novelle by Aisling’ brand.

Uform Holdings Ltd increased turnover 20% to £44m in the year to April 2021 and reported Ebitda of c.£4.9m,

Paul Donnelly said: “We chose to partner with Cardinal based on its knowledge, shared culture, ambition and willingness to invest and support the strategic plan, and its excellent track record helping businesses to scale.”

Cardinal Capital has previously invested in Mowlam Healthcare, Luzern eCommerce, Sim Local, AA Ireland, Lily O’Brien’s, Carroll Cuisine, GSLS, The City Bin Company, Abtran, Payzone, Learning Pool, McCauleys and Sports Surgery Clinic.

Investors in the Cardinal Ireland Partners Fund include a number of international institutional investors, local institutions including AIB and a number of previous CEOs and founders of Cardinal-backed companies.

Paul Doody, associate director at Cardinal Capital Group, commented: “Uform has the potential to scale significantly and become a market leader over the next four years.

“We have looked at many companies in the wider kitchen, bedroom and bathroom space. The quality of the Uform offering, its competitive positioning and the management team stand out as being best in class.

"Uform’s market–leading position in Ireland coupled with a well–established, and fast–growing, presence in the larger, highly–fragmented UK market is very attractive to us.”

Cardinal’s Mike Maloney and Paul Doody will join the Uform board. The transaction is subject to clearance from the CCPC.

Photo: Paul Doody (right) and Simon Oliphant