Sustainable water and climate management solutions provider Polypipe Group plc (PLP.L) announced Tuesday the acquisition of Nu-Heat (Holdings) Limited, a supplier of sustainable underfloor heating solutions, air and ground source heat pumps, and other renewable heating systems.
The total consideration is 27 million pounds on a cash-free, debt-free basis.
The company expects the acquisition to be earnings per share accretive and deliver returns in excess of the cost of capital in the first full financial year of ownership.
The transaction is being funded through existing debt facilities, and total proceeds are paid on completion.
Honiton, Devon -based Nu-Heat employs 90 people, primarily involved in sales, technical support, marketing and distribution. For fiscal 2020, it generated revenue of 16.0 million pounds and reported EBITDA of 3.1 million pounds. Following the acquisition, the management team will remain with the combined business.
Polypipe said the acquisition is in line with its strategy of broadening market reach in climate management solutions.
Further, Polypipe confirmed that trading continued to recover throughout the end of December, with underlying operating profit for the year 2020 slightly ahead of the previous guidance of about 40 million pounds.
The company said this momentum is continuing into the new year without any material impact from the third national lockdown.
Polypipe intends to issue its preliminary full year results on March 16.
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