Plumbing

H.I.G. Capital to Purchase Travis Perkins Plc’s UK Plumbing & Heating Enterprise

LONDON – (BUSINESS WIRE) – # BathroomProducts – HIG Capital, LLC (“HIG”), a leading global alternative investment firm with over $ 36 billion in equity under management, has signed a definitive agreement to acquire Travis Perkins’ plumbing and heating business Plc (the “Company” or “P&H”), a leading UK retailer of plumbing, heating and bathroom products. The sale is valued at approximately £ 325 million and the transaction is expected to be completed within the next three months, subject to regulatory approval.

P&H is headquartered in Northamptonshire and is under its main commercial brands City Plumbing Supplies (CPS) and Plumbing Trade Solutions (PTS) with over 350 stores in the UK and Ireland and several specialized online outlets such as The Underfloor Heating Store, Direct Heating Spares, PlumbNation and National Shower Spares. Led by Dave Evans and supported by an experienced senior executive team, the company serves commercial customers and consumers in the residential and commercial construction categories.

HIG’s investment will help P&H transition to an independent business and accelerate its customer-centric expansion in the UK and Ireland.

Dave Evans, CEO of P&H, said, “The sale to HIG is great news for P&H and its stakeholders. We are recognized as market leaders in many of our businesses and the categories in which they operate and I am very much looking forward to working with the HIG team to capitalize on the tremendous growth potential we have in the UK and Ireland. We are well positioned to advance our growth plans by developing more customer-centric offerings from over 3,000 dedicated team members. I look forward to building an even stronger business in the years to come. ”

Markus Noe-Nordberg, Managing Director and Head of the HIG European Middle Market LBO team that led the transaction, commented, “We are excited to welcome Travis Perkins’ plumbing and heating business to the HIG family. HIG has invested in specialty distribution facilities with great success and we will use this experience to help management maximize the company’s potential. This transaction is an ideal match for our investment mandate and once again underlines HIG’s ability to carry out complex transactions such as carve-outs. ”

Tobias Borkowski, Principal at HIG Europe, added: “We believe that as an independent company, the company can better cater to the individual needs of its customers and quickly expand its trusting relationships with suppliers. We look forward to partnering with Dave and his entire team and look forward to supporting the continued growth of the company. ”

Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to HIG Capital. Morgan Stanley is serving as financial advisor and Linklaters LLP is serving as legal advisor to Travis Perkins Plc.

About HIG Capital

HIG is a leading global private equity and alternative asset investment firm with over $ 36 billion under management. New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, Bogotá, Rio de Janeiro and São Paulo is HIG Specialized in providing both debt and equity to small and medium-sized businesses. Added value approach:

  1. HIG’s equity funds invest in management buyouts, recapitalizations and corporate carveouts of both profitable and underperforming manufacturing and service companies.

  2. HIG’s Debt Funds invest in senior, unitranche and junior debt financing for companies of all sizes, both on a primary basis (direct origination) and in the secondary markets. HIG is also a senior CLO manager through its WhiteHorse family of vehicles and manages a publicly traded BDC, WhiteHorse Finance.

  3. HIG real estate funds invest in value-adding real estate that can benefit from improved asset management.

Since its inception in 1993, HIG has invested and managed more than 300 companies worldwide. The company’s current portfolio comprises more than 100 companies with total sales of over 27 billion euros. For more information, please visit the HIG website at www.higcapital.com.

* Based on total capital commitments managed by HIG Capital and affiliates.

contacts

Markus Noe-Nordberg

managing Director

mnordberg@higcapital.com

Tobias Borkowski

principal

tborkowski@higcapital.com

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