The Chelverton Investor Club, part of small cap manager Chelverton Asset Management, has completed its first deal since its launch last year.

The Chelverton Investor Club, part of small cap manager Chelverton Asset Management, has completed its first deal since its launch last year.

Crawley-based Tufwell Glass has been acquired from Laidlaw Interiors Group for a consideration of £2.4 million ($4 million), Chelverton said in a statement.

The Chelverton Investor Club raised £1.2 million of equity from its high net worth membership towards the transaction, investing alongside Brownhills Glass (a trade partner), with supporting debt finance from Lloyds Bank and Lloyds Bank Commercial Finance.

Chelverton Asset Management investment director Richard Bucknell, who led the deal for Chelverton, will also join the board of Tufwell.

Tufwell supplies toughened, laminated and mirrored glass for contractors and end-users throughout London and the South East, with recent installations in the Shard and at the Olympic Park.

“Given the strong track record of the business, good prospects for an up-turn in the commercial construction sector, and the value-added that will come from the Brownhills alliance, we were able to gain support from our investors. Tufwell is a great example of the type of business and deal that our members club is keen to support,” said Bucknell.

The club is part of a trend of “angel”-style backers of firms seeking funding and is aimed at high net worth and sophisticated investors interested in making small-company investments in a tax-efficient manner.

Members can invest a minimum investment of £25,000, and up to £1 million, in any one company. The club will invest up to £3 million per company, with a typical enterprise value of between £500,000 and £5 million.

Last month, Chelverton Asset Management appointed Richard Bucknell as investment director in its unquoted equities team.

Bucknell has been working with CAM as a consultant since September last year and reports to managing director David Horner in his new role.

Founded in 1998, CAM is a specialist investor in both quoted and unquoted UK small companies. The quoted side of the business has in excess of £300 million in funds under management, while the unquoted investment activities include the portfolio management of its sister company CEPS.