Encore sells UK Heating to Irsap

Under the GP's tenure, the business undertook an acquisitive growth strategy, and in August 2009 bolted on Clyde Energy Solutions, which specialises in the supply of radiators for commercial properties. It also launched its value brand Supplies4Heat in 2011.

The trade buyer's acquisition forms part of its strategy to expand into the UK and Irish markets. Following the deal, UK Heating will be rebranded as Irsap UK.

Previous funding
Encore first invested in UK Heating in February 2007, when it supported the management buyout of residential radiator supplier The Radiator Company.

In August 2009, the GP acquired Clyde, in order to merge it with The Radiator Company and form UK Heating.

Company
Founded in 1998 and headquartered in East Grinstead, West Sussex, UK Heating is a trade supplier of radiators for the residential and commercial market. The company has a headcount of 50 and operates under the Supplies4Heat, The Radiator Company and Clyde brands.

UK Heating generated a turnover of £11.4m in the year ending June 2016, according to publicly available documents, with operating profits of £1.2m.

People
Encore Capital – Shirin Gandhi (partner).
UK Heating Group – Marcus Orchard (managing director).

Advisers
Vendor – Catalyst Corporate Finance, Steve Currie, Bobby Fletcher (corporate finance); Squire Patton Boggs, Tim Hewens, Alistair Francis, Kimberley Daley, Peter Morley (legal).
Acquirer – Ethica Corporate Finance (corporate finance); Deloitte Legaland Druces (legal).

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• Topics
• Exits
• UK / Ireland
• Industrials
• United Kingdom
• Trade sale
• Encore Capital