Fri, 16 Jan 2026 | BUSINESS SALE
Milford Haven-based electric heater manufacturer Consort Equipment Products has been acquired by family-owned investment firm Lifeboat Capital. The deal was backed by a seven-figure debt funding package from investors including Frontier Development Capital (FDC).
Consort Equipment Products supplies heaters to electrical wholesalers across the UK, as well as manufacturing own-brand products for leading suppliers. The company operates under the Consort and Claudgen brands.
Post-acquisition, Consort Equipment Products will continue to be led by its current management team, headed by Managing Director Gareth Davies. The deal will also enable former Managing Director Edward Spankie and Materials Director Chris Baggs to realise their investment in the firm, while remaining in consultancy roles.
Consort was founded in 1966 and manufactures more than 250 product lines, spanning fan and panel heaters, air curtains, towel rails and more. The company has undertaken significant investment in its modern, 90,000 sq ft Milford Haven factory and regularly introduces new products, including the recent addition of wi-fi enabled, mobile app-controlled heaters.
The acquisition by Lifeboat Capital will also provide the company with additional investment to fund its continuing growth.
In the year to March 31 2025, Consort Equipment Products Limited reported turnover of approximately £7.1 million, down slightly from £7.3 million the previous year, while operating profits grew from around £890,000 to just under £1.1 million.
The acquisition of Consort is the third to-date by Southampton-based Lifeboat Capital, the family office of the Afshar family. Founded in 2019, Lifeboat is focused on long-term investments in niche, high-quality UK businesses. The firm also owns Southend-based Formara Print & Marketing and Oldham-based stockinette manufacturer Appletex.
Dr Taha Afshar, Chief Investment Officer at Lifeboat, said: "Lifeboat is committed to strengthening British manufacturing businesses and supporting the transition to a low-carbon future. With its efficient electric heating solutions and a track record for quality and innovation, Consort aligns strongly with our values and goals.”
“The company will continue to operate as an independent business, and with the benefit of additional investment to support its long-term growth. Our vision is to be the definitive choice for sustainable, reliable and innovative electric heating."
Graham Mold, head of Growth Capital at Frontier Development Capital, added: "Consort has been manufacturing in Milford Haven since 1966 and is one of the best-known brands in the market. This deal will ensure a smooth transition of ownership and secure the future of the business.”
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