Profile of the company


The management buyout of specialist under floor heating (UFH) contractor Nu-Heat was completed in May 2017.

Nu Heat has a strong growth record and is the market leader in UFH for retrofit into existing homes and was acquired with EBITDA earnings of over £1.5m. Nu-Heat has grown strongly in recent years to become a c. £15m turnover business.

High net worth investors of Ethos Partners (“Ethos”) and Bestport provided the equity funding and together with a unitranche debt facility from Beechbrook backed the management team to acquire the business for £8m from its founder shareholders.

Nu-Heat is one of the UK’s largest supplier of warm water underfloor heating and integrated renewable solutions. The Company delivers fully designed, energy efficient systems to installers, housebuilders, contractors, architects and self-builders nationwide. Nu-Heat was founded in 1992 and by remaining true to the core values of design, innovation, expertise and service, the company is now a trusted supplier of warm water underfloor heating and renewable solutions, employing over 100 people.

SectorBuilding Materials
Investment typeMBO
Date of transactionMay 2017
Website address



David Roberts, CEO says:

“The MBO process has been challenging but our investors provided support and guidance from the outset and the team is excited about the next chapter in Nu-Heat’s development as one of the leading brands in the UK underfloor heating market. This investment marks our confidence in this market and the company’s continued growth story and we look forward to continuing to provide our customers with the best heating solution whilst providing our people with a bright future firmly anchored in the origins of the business.”

Julian Carr, Ethos Partners Principal says:

“Nu-Heat is a great example of a business in an attractive niche where it is possible to engineer succession and exit for its founders; and to support its growth into an institutional grade asset with more scale which is attractive to midmarket private equity or trade purchasers.”

Ole Bettum, Bestport Private Equity Partner says:

“Nu-Heat is a fantastic company with a strong management team and an impressive track record in a growing market. We are delighted to be investing in Nu-Heat and we are excited about supporting the company’s future ambitions for growth.”