H2 invests in Siderise

Kenny Wastell
27 June 2019

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H2 Equity Partners has acquired a stake in UK-headquartered building materials supplier Siderise Group from its founding shareholder, according to reports.

Financial details of the transaction remain undisclosed, though H2 is currently investing from £200m vehicle H2 Equity Partners Fund V, which closed in 2016.

According to a report on Sky News, the transaction has been under discussion for some time, but has been delayed due to the company's products having been used on the Grenfell Tower, the London property at the centre of a tragic fire in 2017. The report stipulates that Siderise did not supply the cladding for Grenfell, but rather the cavity barriers beneath the cladding. Sky News was unable to confirm whether the business is "exposed to any potential litigation arising from the tragedy".

Siderise, which was founded in 1972 and is headquartered in Surrey, manufactures insulating materials used in construction. It has undertaken an international expansion strategy in recent years, with a particular focus on the Middle East and India.

The group generated an operating profit of £2.6m from a turnover of £13.2m in 2017, according to publicly available documents, though Unquote sister publication Mergermarket reports the company currently generates a turnover of $17.85m – equivalent to around £16m.