H.I.G to acquire Travis Perkins’ plumbing and heating unit for £325m
H.I.G. Capital said that one of its affiliates has signed a deal worth around £325 million to acquire the plumbing and heating business of Travis Perkins.
Based in the UK, Travis Perkins is a buildings’ materials retailer.
Its plumbing and heating business operates under its main trading brands – City Plumbing Supplies (CPS) and Plumbing Trade Solutions (PTS), with more than 350 branches in the UK and Ireland.
Dave Evans – CEO of Travis Perkins plumbing and heating business 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.”
H.I.G. Capital said that its investment will support the plumbing and heating business in its transition to a standalone company and fast track its customer-focused growth in the UK and Ireland.
Markus Noe-Nordberg – Managing Director and Head of the H.I.G. European Middle Market LBO team said: “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.”
The deal, which is subject to regulatory approval, is anticipated to be closed within the next three months.