H.I.G. Capital, a global investment firm with $45 billion of equity capital under management, has purchased of Travis Perkins plc's Plumbing and Heating division.
The businesses will form a new Group, to be named the Highbourne Group, and will continue to be led by Dave Evans, Chief Executive Officer, serving trade customers and consumers across the new build, social housing, and repairs and maintenance sectors of the residential and commercial construction categories.
The businesses, with over 350 branches across the UK and Ireland, within the new group will continue to operate under their existing brands, City Plumbing and PTS, alongside specialist online outlets including The Underfloor Heating Store, Direct Heating Spares, Plumbnation, and National Shower Spares.
Tobias Borkowski, Principal at H.I.G. Europe, stated: “Today is a very important and exciting day for H.I.G. and Highbourne. We are committed to support Dave and his team to drive the business forwards to fully reach its potential.”
Dave Evans, CEO of Highbourne, added: “The senior leadership team, our amazing colleagues and I look forward to accelerating our business plans and creating new and exciting propositions whilst digitalising our business to provide industry leading products and services to our customers faster than ever.
“I am very excited to work with Tobias and the team at H.I.G. to capitalise on the enormous potential for growth within all of our businesses across the UK and Ireland. Our collective commitment, energy and passion will be at the heart of our future success.”