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, house builders, 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.

United Kingdom
Private Equity
May 2017
February 2021


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. 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.

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.

David RobertsCEO

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 mid-market private equity or trade purchasers.

Julian CarrCEO at Ethos

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.

Ole BettumBestport Private Equity Partner