LONDON–(BUSINESS WIRE) – HIG Capital, LLC (“HIG”), a leading global alternative investment firm with over EUR 36 billion in equity under management, is pleased to announce that one of its subsidiaries has signed a definitive agreement to acquire Plumbing from Travis Perkins Plc hat & heating business (the “Company” or “P&H”), one of the UK’s leading retailers 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.
Headquartered in Northamptonshire, P&H operates under the main retail brands City Plumbing Supplies (CPS) and Plumbing Trade Solutions (PTS) with over 350 offices in the UK and Ireland and several specialized online stores including The Underfloor Heating Store, Direct Heating Spares, PlumbNation, and National Shower Spares. The company, which is led by Dave Evans and supported by an experienced executive team, serves commercial clients and consumers in the residential and commercial construction categories.
HIG’s investment will help P&H transition to an independent business and accelerate 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. I am very excited to be working with the HIG team to capitalize on the tremendous growth potential in the UK and Ireland. We are well positioned to advance our growth plans by developing more customer-centric offerings delivered by 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 LBO team at HIG European Middle Market, which led the transaction, stated, “We are very excited to welcome Travis Perkins’ plumbing and heating business to the HIG family. HIG has had great success investing in specialty distribution equipment and we will use this experience to help management maximize the company’s potential. This transaction fits in perfectly with our investment mandate and underlines once again HIG’s ability to carry out complex transactions such as carve-outs. ”
Tobias Borkowski, Principal at HIG Europe, added: “We believe that as a stand-alone company, the company can better serve the individual needs of its customers and quickly develop its trustworthy relationships with suppliers. We look forward to working with Dave and his entire team and look forward to supporting the continued growth of the company. ”
Skadden, Arps, Slate, Meagher & Flom LLP is serving 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 EUR 36 billion in equity under management. * With headquarters in Miami and European offices in London, Hamburg, Madrid, Milan, Paris and offices in the USA and Latin America in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, Bogotá, Rio de Janeiro and São Paulo Paulo HIG specializes in providing debt and equity to small and medium-sized businesses. Added value approach:
HIG’s equity funds invest in management buyouts, recapitalizations and corporate carveouts of both profitable and sub-par manufacturing and service companies.
HIG’s debt funds invest in senior, unitranche and subordinated debt financing for companies of all sizes, both on a primary (direct) basis 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.
HIG’s real estate funds invest in real estate with added value that can benefit from improved asset management practices.
Since its inception in 1993, HIG has invested and managed more than 300 companies worldwide. The company’s current portfolio includes 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.