Investment firm H.I.G. Capital has announced its intention to acquire Travis Perkins’ Plumbing & Heating (P&H) business.
The transaction, which is valued at approximately £325 million, is expected to be completed within the next three months, following regulatory approval.
Headquartered in Northamptonshire, P&H operates under the trading brands City Plumbing Supplies (CPS) and Plumbing Trade Solutions (PTS) with over 350 branches across the UK and Ireland, alongside several specialist online outlets including The Underfloor Heating Store, Direct Heating Spares, PlumbNation, and National Shower Spares.
The Company, led by Dave Evans and supported by an experienced senior leadership team, serves trade customers and consumers across the residential and commercial construction categories.
H.I.G.’s investment intends to support P&H in its transition to an independent company and accelerate its customer-focused expansion in the UK and Ireland.
Dave Evans, CEO of P&H, said: “The sale to H.I.G. is great news for P&H and its stakeholders. We are recognised as a market leader across many of our businesses and the categories they operate in and I am very excited to work with the team at H.I.G. to capitalise on the enormous potential for growth we have within the UK and Ireland.
“We are well positioned to push forward with our plans for growth by developing more customer-focused propositions delivered by over 3,000 dedicated team members. I look forward to building an even stronger business in the coming years.”
Markus Noe-Nordberg, Managing Director and Head of the H.I.G. European Middle Market LBO team, which led the transaction, commented: “We are thrilled to welcome the Plumbing & Heating business from Travis Perkins into the H.I.G. family.
“H.I.G. has had great success investing in speciality distribution assets, and we will use this experience to support management in maximising the Company’s potential. This transaction is an ideal fit with our investment mandate and once more underscores H.I.G.’s ability to execute on complex transactions such as carve-outs.”
Tobias Borkowski, Principal at H.I.G. Europe, added: “We believe that the Company, as a freestanding enterprise, can better serve the individual needs of its customers, and rapidly expand its trusted relationships with suppliers. We are excited to partner with Dave and his entire team and look forward to supporting the Company’s continued growth.”