Epiris acquires LDC-backed water pumps manufacturer Stuart Turner

Financial details were not disclosed.

Epiris will aim to expand the company's product range and support its geographical growth.

LDC backed Epiris in an MBO in September 2017 to accelerate its buy-and-build strategy, according to a press release at the time. During the GP's tenure, Stuart Turner acquired Mikrofill Sytems, a UK-based pressurisation unit manufacturer, in March 2021; water booster manufacturer Fluid Water Solutions, in 2019; and, GAH Heating, a heating products manufacturer, acquired in 2018. LDC said in a press release that these acquisitions enabled Stuart Turner to provide a full service in the pressurisation and hot water market across the commercial, industrial and domestic sectors.

Mergermarket reported on 27 August that LDC had explored an exit with DC Advisory and was set to join the auctions pipeline. The newswire reported earlier this month that LDC was looking to exit the company.

According to the company's latest filing, Stuart Turner reported an EBITDA of GBP 5.5m from GBP 26.2m sales for 2019.

LDC notes that Stuart Turner has grown its revenues by 66%, from GBP 24m in 2017 to more than GBP 40m this financial year, according to a press release.

The Stuart Turner deal is the ninth investment made from Epiris Fund II. The GP's second vehicle launched in March 2017 and closed in October 2018 on GBP 821m. The GP targets UK-based companies with enterprise values of GBP 75m-500m, deploying equity of around GBP 40m-150m. It invests in control positions and offers co-investment opportunities ranging between GBP 30m and GBP 100m, according to Unquote Data.

The fund's current portfolio includes Sharps Bedrooms, a fitted wardrobe and bedroom furniture specialist, acquired in June 2021.

Epiris was not available to comment, and LDC did not respond to a request for comment by the time this article was published.

Company
Stuart Turner is a water pump manufacturer that also provides water boosting systems. It serves the domestic markets by providing shower pumps, among other products, as well as undertaking commercial and industrial projects. The company is headquartered in Henley-On-Thames and was incorporated in 1906. It employs more than 125 people.

People
Stuart Turner – Richard Harden (CEO).
Epiris – Charles Elkington (partner).
LDC – Matt Newbold (investment director).

Advisers
Equity – Lincoln International (corporate finance); Macfarlanes (legal).
Vendor – DC Advisory (corporate finance); Gately (legal); PwC (financial due diligence); KPMG (financial due diligence).
Management – Orbis Partners (corporate finance).

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• Topics
• Buyouts
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• Secondary buyout