Tue, 08 Nov 2022 | BUSINESS SALE
A Lancashire-based manufacturer of smart thermostats is to be acquired by a listed company in a deal that could rise to £118 million. Heatmiser, which was founded in 1968, is set to be taken over by IMI Group for an initial £110 million, with up to a further £8 million based on its future financial performance.
If the full consideration is reached, the deal value would represent a multiple of around 5.7x Heatmiser’s turnover of £20.6 million in the year ending December 31 2021. During that period, the company reported gross profits of £9 million and post-tax profits of £7 million.
Heatmiser was initially founded in Blackburn and developed products for residential buildings. The company has since evolved, leveraging new technological advances to produce smart thermostats for radiant underfloor heating systems. The company says that it has " become one of the UK's leading HVAC control brands”.
IMI Group says that the acquisition is “fully aligned” with its growth strategy and enables the company to accelerate plans to expand into smart buildings, offering an "attractive entry point into connected residential thermostatic control".
IMI Group Chief Executive Roy Twite commented: "I am really pleased to announce the acquisition of Heatmiser, which is fully aligned to IMI's strategy of delivering significant shareholder value by solving industry problems and putting customers at the heart of what we do.
"This is an important, strategic entry point to the rapidly growing connected controls market, that will accelerate our organic growth across IMI Hydronic. There has never been more urgency to deliver energy efficiency and comfort in buildings, and Heatmiser is a leader in this space.
In its accounts for 2021, Heatmiser’s fixed assets were valued at £1.3 million and current assets at £8.4 million, with net assets valued at close to £6.3 million.
Find businesses for sale here.
If you are looking for an exit, we can help!.
This construction services business in the Home Counties, South East, boasts a strong turnover and owns valuable assets, including plant, machinery, and intellectual property.
This is a rare chance to acquire a thriving building and construction business in North West England with a solid reputation.
This well-regarded business specialises in the design, installation, and maintenance of bespoke swimming pools and saunas, boasting a loyal client base with 90% providing repeat business.
09
|
Jul
|
Equipment hire firm divests welfare van fleet | DIVISION SALE
Newcastle-based equipment hire firm Nixon Hire has divested ...
09
|
Jul
|
Former care home to reopen following acquisition | COMMERCIAL PROPERTY
A former care home in Nottingham is set to reopen following ...
09
|
Jul
|
Financial advice consolidator Finli Group completes six more acquisitions | BUSINESS SALE
National financial advice firm Finli Group has continued its...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.