Dublin investment group Cardinal Capital has taken a majority stake in Uform, a Northern Ireland-based manufacturer of kitchen doors and furniture, for about €30 million, it is understood.
The investment by Cardinal Ireland Partners, a fund managed by Cardinal, will be used to boost capacity at Uform’s facilities in Toomebridge Antrim and also at a plant in Donegal run by its sister company Andoras, which trades as Aishling Furniture. The group employs 415 staff. Eamon and Paul Donnelly, who cofounded the business in 1993 with their late father Eddie Donnelly, will remain onboard as “significant” shareholders. Cardinal typically takes majority stakes in the businesses in which it invests. UK private equity group BGF, which invested in Uform in 2019, will also retain a minority stake in Uform.
The company makes about 1,500 kitchens per week for the UK and Irish market and is growing at about 40 per cent annually. Its sales in the year to the end of April last year were about £44 million , while its Ebitda was £4.9 million.
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