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.