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Bestport Private Equity and Ethos Partners are pleased to announce the sale of Nu-Heat (Holdings) Limited to Polypipe Group Plc for a cash consideration of £27m.

Nu-Heat is the leading supplier in the UK of sustainable underfloor heating solutions, air and ground source heat pumps, and other renewable heating systems.

The company was acquired through an MBO backed by Bestport and Ethos in May 2017, and the business has experienced strong turnover and margin growth in the last three years. Polypipe was attracted to Nu-Heat due to its market leading position with a product set complementary to the Group’s existing portfolio of brands, and a solid track record of growth, profitability, and good cash generation.

The deal is the second exit in the last six months for Bestport, and the sale generated a gross money return of 5.6x and a gross IRR of 68% on the combined Bestport and Ethos investment.