Polypipe Acquires Underfloor Heating Firm for £27m

Doncaster-based plastic pipes manufacturer Polypipe has acquired a 90-strong designer and supplier of underfloor heating systems for £27m.

Nu-Heat is based in Honiton and was established in 1992. In addition to its underfloor heating systems expertise, the business has developed a position in the supply of heat pumps and solar heating, to offer complete heating systems based on renewable energy.

In the last three years, these renewable solutions have been the fastest-growing part of the portfolio, now accounting for 23 per cent of total installations.

Nu-Heat was the subject of a successful MBO backed by Bestport Private Equity and Ethos Partners in May 2017.

Managing director David Roberts said: "We are delighted to be joining Polypipe, with which we share a similar culture and values.

"We look forward to being better positioned to deliver more sustainable solutions to customers and greater opportunities for our people as part of the Polypipe Group."

The acquisition was said to be in line with Polypipe's strategy of broadening its market reach in climate management solutions. The management team will remain with the combined business.

Polypipe chief executive Martin Payne added: "This acquisition will enable us to further develop our underfloor heating capabilities, and to develop new and exciting ways to integrate underfloor heating, heat pumps, and air-based climate management systems. 

"The Nu-Heat team have fantastic technical and application knowledge, and I would like to welcome them to the Polypipe Group."

 

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