MBO of Nu-Heat backed by Bestport Capital
HMT LLP have 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 £14.7m and EBITDA of £1.8m in the year to 31 March 2017.
The MBO was led by CEO, David Roberts. Andrew was assisted by Associate Director Adrian Howells 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 fully integrated corporate finance practice working together as a one stop shop for transaction advisory services.
Ole Bettum, Partner at Bestport commented:
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.”
We are passionate about delivering an optimal outcome for our clients and helping them achieve their personal objectives. We understand entrepreneurial businesses because we are oneOur Deals
Partners are supported by high-calibre professional staff who share our core values of enthusiasm, energy, entrepreneurialism and empathy to our client’s objectivesOur Team
Our Partners have unparalleled deal experience in the mid-market and are supported by a team of dedicated deal-doers with specialist capabilities and experienceOur Awards
We have an extensive network of acquisitive corporates, institutional investors and debt providers both in the UK and internationally though our membership of our global network ICFGOur Network