posted 5th May 2023
GS Verde Group is pleased to have advised on the acquisition of a leading UK-based plastic products supplier.
Acquirer UPVC Direct, which is owned by serial entrepreneurs Paul Ragan and Matthew Epps, is a trade wholesaler of construction material including Exterior cladding, Plumbing & heating as well as Composite decking.
Since launching in 2002, UPVC Direct has earned an impeccable reputation for its product knowledge and expertise of all interior and exterior fittings. The acquisition will fuel the business's ambition in adding environmentally friendly range of products and upgrading technology to support business growth.
Principality Plastic Warehouse, operating from three sites in Swansea, Cardiff and Gloucester, celebrated its 30 year anniversary in June 2022. Principality has grown to be a specialist provider of low maintenance building products.
Paul Ragan, Managing Director of UPVC Direct said: "I'm delighted with the acquisition of Principality Plastics Warehouse and grateful to our advisers and the Development Bank for working with us to provide the funding necessary to get the deal over the line and underpin the future growth of the business. Principality is a long-standing and very credible business with a loyal and ambitious workforce. We look forward to working with everyone involved at the company and continuing the great work of previous years."
John Peters, founder of Principality said: "As a family, we're so proud of our team for everything they have achieved. The time has come to retire safe in the knowledge that the UPVC Direct team will be a safe pair of hands to take over, particularly as they have similar values and a great reputation. I would like to sincerely thank all the staff at Principality, past and present, my previous business partners and my family for all their support and hard work over the years in making the company what it is today. I wish the team well and look forward to seeing what will be achieved moving forward."
GS Verde Group's multidisciplinary dealmaking team led throughout the deal. The Development Bank of Wales provided equity and debt funding to the acquirer, having been introduced to the transaction by GS Verde Group.
The GS Verde Group are business focused experts in getting deals done. The group combines multiple disciplines including law, tax, finance and communications, to provide end-to-end support as a complete advisory team.