Wed, 01 Feb 2023 | BUSINESS SALE
Bradford-based fire detection products manufacturer Thermocable (Flexible Elements) Ltd has been acquired by safety, health and environmental technology group Halma plc in a deal worth £22 million. The deal represents close to a 3.5x multiple of Thermocable’s £6.3 million unaudited revenue for the year to March 31 2022.
Thermocable is a leading developer and manufacturer of Linear Heat Detectors (LHDs), temperature sensitive cables which are installed in areas at high risk of fire and overheating, triggering alerts when a change in temperature is detected.
Post-acquisition, Thermocable will be added to Halma’s safety sector fire detection business Apollo Fire Detectors Limited, expanding the range of devices offered by Apollo in the commercial and industrial fire detection markets.
Halma’s Group Chief Executive Andrew Williams said: "Thermocable's specialist technologies will further enhance Apollo's existing strengths in fire detection and alarm systems for industrial and commercial customers.”
"They will enable Apollo to address a greater range of customer needs in niche applications for a variety of sectors such as urban infrastructure and transportation, logistics, natural resources and emerging applications in renewable power generation."
Apollo Managing Director David Bulley added: "Our long-term growth is driven by increasing urbanisation, population growth and safety regulation.”
"With the acquisition of Thermocable, we will serve a greater range of customer needs globally while offering an extra layer of protection to help extinguish fires at the source before they cause serious harm. Its technologies are highly aligned with Apollo's purpose to protect people and their environment."
The acquisition will see Halma pay an initial consideration of £22 million on a cash- and debt-free basis, funded from the group’s existing facilities.
In the year to February 28 2022, Thermocable's fixed assets were valued at £303,515 and current assets at £2.59 million, with total equity standing at £2.23 million.
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