The management buyout of specialist under floor heating (UFH) contractor Nu Heat was completed in May 2017.
Nu-Heat is one of the UK’s largest suppliers 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 has a strong growth record and is the market leader in UFH for retrofit into existing homes and was acquired with c. £15m revenue, EBITDA earnings of over £1.5m and over 100 employees.
High net worth investors of Ethos Partners (“Ethos”) and Bestport Private Equity participated in 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.
The MBO team is led by David Roberts, CEO with Ian Jeacock, FD, and Mark Millett, Operations Director. Ashley Levinson assisted the team throughout the MBO process and stays on as Chairman to see the business through the growth phase ahead.
Ole Bettum, of Bestport Private Equity, led the transaction and he has joined the board following the buy-out.
Julian Carr, Ethos Partners Principal said: “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”