Chelverton Asset Management Limited (Chelverton), a specialist investor in sub-FTSE 100 quoted equities and unquoted SMEs, has completed its first realisation of 2018 on behalf of its Investor Club.
Crawley-based Tufwell Glass Limited (Tufwell) has been sold to Brownhills Investments Limited – the holding company for Midlands-based Brownhills Glass and North East-based Peterlee Glass – for an undisclosed sum. Launched in 2013, Tufwell became the Chelverton Investor Club’s first acquisition in 2014.
Tufwell has grown consistently under the Investor Club ownership and the leadership of Managing Director, Andrew Maslin. Brownhills was a minority shareholder alongside Chelverton at the time of the original acquisition and will assume full ownership as a result of this transaction.
Chelverton Investment Director, Richard Bucknell, who led the initial investment transaction and the recent exit, on behalf of Members of Chelverton Investor Club, says: “Tufwell was a classic example of a Chelverton transaction; a good quality, consistently profitable business, with a strong and defensible market position. It has been a pleasure to work with Andrew and Brownhills over the last four years and we feel certain that the business will continue to go from strength to strength under the new ownership. For Investor Club members who participated in the initial transaction, the exit sees them achieve an excellent return of circa 2.7 times their net investment.”
