HMT, led by partners Andrew Thomson and Chris Gow, has completed a combined buyside advisory engagement comprising financial due diligence and debt advisory for Bestport Capital on the MBO of underfloor heating specialist Nu–Heat.
Established in 1992, Exeter-based Nu–Heat has grown to become the market leader in the design and supply of underfloor heating (UFH) systems and integrated renewables solutions. Employing over 100 staff, it achieved revenues of £14.7 million and EBITDA of £1.8m in the year to March 31, 2017.
The MBO was led by CEO David Roberts. Thomson and Gow were assisted by associate director Adrian Howells and senior manager Tom Pollard on the transaction, which also saw Beechbrook Capital provide a unitranche debt facility to support the acquisition.
This combined engagement is another example of HMT’s integrated corporate finance practice working together as a one-stop shop for transaction advisory services.
Ole Bettum, partner at Bestport, commented: “HMT provided invaluable assistance during the due diligence phase and their findings confirmed that Nu-heat is a well-managed company with the growth and margin profile that supported our investment case.”
Andrew Thomson commented: “We are delighted to have assisted Bestport and Beechbrook on their investment to support the MBO of Nu-Heat. The business has enjoyed double-digit growth on the back of developing some of the most innovative UFH products available and the business is extremely well placed to fully exploit the anticipated increased in the adoption of UFH in the UK domestic market.”