Bestport, has completed the MBO of underfloor heating specialist Nu-Heat UK Limited (“Nu-Heat”), backing the management team to acquire the business from the founder shareholders. Nu-Heat has grown strongly in recent years to become a £15m turnover business. The deal was concluded with equity from Bestport and a unitranche debt facility from Beechbrook Capital.
The MBO team who invested alongside Bestport is led by David Roberts, CEO with Ian Jeacock, FD, and Mark Millett, Operations Director. Ashley Levinson assisted the team throughout the MBO process and stays on as Chairman to see the business through the growth phase ahead.
Ole Bettum led the transaction for Bestport and he has joined the board following the buy-out. Ole said: “Nu-Heat is a fantastic company with a strong management team and an impressive track record in a growing market. We are delighted to be investing in Nu-Heat and we are excited about supporting the company’s future ambitions for growth.”
David Roberts said: “The MBO process has been challenging but Bestport provided support and guidance from the outset and the team is excited about the next chapter in Nu-Heat’s development as one of the leading brands in the UK underfloor heating market. This investment marks our confidence in this market and the company’s continued growth story. Above all, the investment from and support of Bestport will help us to continue to provide our customers with the best heating solution whilst providing our people with a bright future firmly anchored in the origins of the business.”
Nu-Heat is one of the UK’s largest supplier of warm water underfloor heating and integrated renewable solutions. The Company delivers fully designed, energy efficient systems to installers, housebuilders, contractors, architects and self-builders nationwide. Nu-Heat was founded in 1992 and by remaining true to the core values of design, innovation, expertise and service, the company is now a trusted supplier of warm water underfloor heating and renewable solutions, employing over 100 people.