Business Wire

H.I.G. Capital to Acquire Travis Perkins Plc’s UK Plumbing & Heating Business

Share

H.I.G. Capital, LLC (“H.I.G.”), a leading global alternative investment firm with over €36 billion of equity capital under management, is pleased to announce that one of its affiliates has signed a definitive agreement to acquire Travis Perkins Plc’s Plumbing & Heating business (the “Company” or “P&H”), one of the UK’s leading plumbing, heating, and bathroom related products specialist merchants. The divestiture is valued at approximately £325 million, and the transaction is expected to be completed within the next three months, following regulatory approval.

Headquartered in Northamptonshire, P&H operates under its primary trading brands City Plumbing Supplies (CPS) and Plumbing Trade Solutions (PTS), with over 350 branches across the UK and Ireland, alongside several specialist online outlets including The Underfloor Heating Store, Direct Heating Spares, PlumbNation, and National Shower Spares. The Company, led by Dave Evans and supported by an experienced senior leadership team, serves trade customers and consumers across the residential and commercial construction categories.

H.I.G.’s investment will support P&H in its transition to an independent company and accelerate its customer-focused expansion in the UK and Ireland.

Dave Evans, CEO of P&H said: “The sale to H.I.G. is great news for P&H and its stakeholders. We are recognised as a market leader across many of our businesses and the categories they operate in and I am very excited to work with the team at H.I.G. to capitalise on the enormous potential for growth we have within the UK and Ireland. We are well positioned to push forward with our plans for growth by developing more customer-focused propositions delivered by over 3,000 dedicated team members. I look forward to building an even stronger business in the coming years.”

Markus Noe-Nordberg, Managing Director and Head of the H.I.G. European Middle Market LBO team, which led the transaction, commented: “We are thrilled to welcome the Plumbing & Heating business from Travis Perkins into the H.I.G. family. H.I.G. has had great success investing in speciality distribution assets, and we will use this experience to support management in maximising the Company’s potential. This transaction is an ideal fit with our investment mandate and once more underscores H.I.G.’s ability to execute on complex transactions such as carve-outs.”

Tobias Borkowski, Principal at H.I.G. Europe, added: “We believe that the Company, as a freestanding enterprise, can better serve the individual needs of its customers, and rapidly expand its trusted relationships with suppliers. We are excited to partner with Dave and his entire team and look forward to supporting the Company’s continued growth.”

Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to H.I.G. Capital. Morgan Stanley is acting as financial advisor and Linklaters LLP as legal counsel to Travis Perkins Plc.

About H.I.G. Capital

H.I.G. is a leading global private equity and alternative assets investment firm with over €36 billion of equity capital under management.* Based in Miami, and with European offices in London, Hamburg, Madrid, Milan, Paris, and U.S. and Latin American offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €27 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Markus Noe-Nordberg
Managing Director
mnordberg@higcapital.com

Tobias Borkowski
Principal
tborkowski@higcapital.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

BearingPoint RegTech and Vizor Software Join Forces: Global RegTech and SupTech Powerhouse Created17.6.2021 09:50:00 CEST | Press release

BearingPoint RegTech (“RegTech”), a leading European provider of innovative regulatory, risk, and supervisory technology solutions, has signed an agreement regarding the acquisition of Vizor Software (“Vizor”). Vizoris a global leader in regulatory and supervisory technology headquartered in Dublin, Ireland. With the newly formed partnership, RegTech and Vizor aim to accelerate their future growth journey. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210617005052/en/ Jürgen Lux, CEO BearingPoint RegTech (Photo: Business Wire) The combination of the two companies follows a clear strategic rationale as the companies fit perfectly together and complement each other ideally with their solution portfolios. RegTech and Vizor have a strong track record within the regulatory and supervisory technology space. Furthermore, the two companies serve complimentary geographies. While RegTech can rely on a strong customer base in Germany,

SES Expands Cloud Leadership as Amazon Web Services Direct Connect Partner17.6.2021 08:50:00 CEST | Press release

SES today announced it has joined the Amazon Web Services (AWS) Direct Connect Delivery Partner program. Through a technical and business review process, AWS validated SES’s ability to connect its customers directly to their AWS services over its network of multi-orbit satellites. This provides SES customers flexible, secure, reliable access to their cloud-based applications and services from virtually any location around the world. This is a major advantage to both enterprises and government users who require reliable bandwidth while working in remote locations. SES is the first satellite operator to achieve AWS Direct Connect Partner status. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210616006077/en/ SES Expands Cloud Leadership as Amazon Web Services Direct Connect Partner (Photo: Business Wire) As an AWS Direct Connect Delivery Partner, SES can provide enterprises and governments with dedicated connectivity between v

SIG SolarCAD II: Solar Thermal Delivering 80°C Daily Even in Winter Months17.6.2021 07:47:00 CEST | Press release

The new SIG SolarCAD II solar thermal power plant, designed and installed by the Geneva-based TVP Solar and inaugurated in February this year, has proven its high performance in winter conditions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210616005846/en/ Even covered in snow, TVP Solar thermal panels supply SIG target temperatures and thermal energy (Photo: TVP Solar) More than 157 MWh (1.92 kWh/m²/day) of solar hot water at over 80°C were delivered to the district heat network (CAD) between January and April, i.e. 30% of the annual energy performance target of 516 MWh set between the Services Industriels de Genève (SIG) and TVP Solar. Michel Monnard, thermal director at SIG and project instigator, is delighted: “the solar plant’s performance significantly exceeded our expectations, being remarkably efficient during the cold and poor sunshine winter period when the CAD has the most need for heat.” The TVP solar thermal

C3 AI and NCS Form Strategic Partnership to Deliver Enterprise AI Applications Across Asia-Pacific17.6.2021 06:00:00 CEST | Press release

C3 AI (NYSE:AI), the Enterprise AI application software company, and NCS, a leading technology services provider and member of the Singtel Group, today announced a strategic partnership focused on delivering enterprise AI solutions to clients in Southeast Asia (SEA) and Australia/New Zealand (ANZ) across multiple industries, including telecommunications, government, financial services, transportation, and more. This agreement represents C3 AI’s first strategic partnership with a telecommunications group. NCS will leverage its deep domain experience and technology expertise in serving governments and businesses in SEA and ANZ, investing up to S$10 million to develop and deploy enterprise AI applications created on the C3 AI® Suite. C3 AI’s solutions will also be deployed across Singtel, Optus, and other affiliated telecommunications networks to bring the advantages of enterprise AI to their operations and clients. As the leader in enterprise AI applications, C3 AI’s offerings include th

MicroPort CRM Announces European Launch of Alizea TM and Borea TM Pacemakers With Bluetooth® Connectivity and Streamlined Remote Monitoring17.6.2021 06:00:00 CEST | Press release

MicroPort CRM, a pioneering company in the field of Cardiac Rhythm management, headquartered in France with global operations,announced today the European launch of AlizeaTM and BoreaTM pacemakers after receiving the CE mark under the new Medical Device Regulation (MDR - 2017/745). The devices are equipped with Bluetooth®1 technology for streamlined remote monitoring when paired with the SmartView ConnectTM home monitor. AlizeaTM and BoreaTM connected pacemakers allow cardiologists to monitor the devices remotely, saving patients the need to travel to hospital for a simple routine examination and thus reducing burden on the healthcare system. Today, with more than 500 000 patients per year implanted with a pacemaker across Europe, connected cardiac technologies are needed more than ever. "MicroPort CRM has always been committed to providing medical devices with the most advanced technology and features to improve patient outcomes and reduce the burden on the healthcare system”, said Be

Dialpad Introduces a Smarter, More Reliable Calling Experience for Microsoft Teams Users17.6.2021 01:57:00 CEST | Press release

Dialpad Inc., the industry leader in AI-powered communication and collaboration, today announced its platform integration with Microsoft Teams, a leading solution for team collaboration and engagement. Dialpad for Microsoft Teams is a cloud-native direct routing integration that seamlessly connects Dialpad’s enterprise-grade telephony features and award-winning Voice Intelligence (Vi™) capabilities into the Microsoft Teams native environment. According to Microsoft’s Hybrid Work Trend Index, workers report that their productivity has either remained the same or increased over the past year. As work methods continue to evolve, Dialpad is at the forefront, creating better, smarter and more seamless communication experiences. With Dialpad direct routing at the heart of the integration, Microsoft Teams users have access to Dialpad’s global calling capabilities with PSTN connectivity in 49 countries in addition to sophisticated inbound and outbound calling features. Powered by automatic spe

LiveArt Market Opens Trading16.6.2021 21:00:00 CEST | Press release

LiveArt is pleased to announce the public launch of LiveArt Market, the digital peer-to-peer marketplace that places control into the hands of sellers and buyers. LiveArt Market began limited, invitation-only trading last week and has already achieved sales approaching $5 million, with more than 1,000 works of art valued at approximately $120 million in the pipeline for sale. Prices have ranged between $50,000 and $500,000, with works by Amoako Boafo and Ed Clark commanding six-figure sums. Early offerings available for purchase include works by Derrick Adams, Jean-Michel Basquiat, Yayoi Kusama, Pablo Picasso and Andy Warhol, among others. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210616005925/en/ Yayoi Kusama, Little Flower, 1952, Gouache, pastel, ink, pen on paper, 11.5 x 8.5 in (Photo: Business Wire) LiveArt puts collectors in control by providing participants with one destination for real-time information and an eff