Bestport invests in Nu-Heat MBO

Financial details of the transaction remain undisclosed, though Bestport typically writes equity cheques of £2-7m for businesses with EBITDA of more than £1m.

Nu-Heat founding directors Andrew Grimsley, Alison Troop and Adrian Troop will retire following the deal, which was led by the company's managing director David Roberts.

Bestport founding partner Ole Bettum will take a seat on the Nu-Heat board of directors.

Company
Founded in 1992 and headquartered in Honiton, Devon, Nu-Heat designs and supplies underfloor heating systems, and solar panels. The company has a headcount of around 100, according to a statement.

Nu-Heat recorded profit before tax of £1.2m in the year ending March 2016, according to publicly available documents, on a turnover of £12.7m.

People
Bestport Capital – Ole Bettum (founding partner).
Nu-Heat – David Roberts (managing director).

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