Catalyst has advised the shareholders of UK Heating Group, including Encore Capital, on the sale to Irsap Group

Catalyst Corporate Finance has advised the shareholders of UK Heating Group (UKHG), including Encore Capital LLP (Encore), on the sale to Irsap Group (Irsap), a leading Italian manufacturer of heating and air-conditioning products.

Established in 1998, UKHG is the UK's largest independent distributor of design-led radiators to the plumbing and heating merchant market. UKHG is the owner of the “The Radiator Company”, “Supplies4Heat” and “Clyde” brands, each of them addressing a distinct and fast growing part of the market.

Encore invested in the business in 2006, supporting the MBO by Marcus Orchard and his team. Despite the tumultuous times in the building products sector following the recession of 2007-08, management succeeded in growing the business organically, as well as through acquisition and establishing an enviable position as the preferred supplier of design led radiators to the UK’s merchant market.   For Irsap this is a strategic acquisition as it did not have a foothold in the UK and Irish markets and this acquisition provides a market leading position on which to invest and grow the Irsap brand and product portfolio.

UKHG Managing Director Marcus Orchard said: "We are delighted to have become part of such a forward thinking and well respected group. Irsap is now Italy’s leading manufacturer of designer radiators and has over 50 years of experience and expertise in this sector. The combination of our experience and longstanding history in the UK radiator market and Irsap’s manufacturing strengths means that our customers can be confident of continued high levels of service and product excellence. Becoming part of the Irsap family will help us develop our range of product lines even further and expand into new markets.’’

Commenting on the transaction, Shirin Gandhi, Partner at Encore, added: “Catalyst were excellent from start to finish. Their knowledge of the market ensured we found the right partner for UK Heating Group. The team’s level of input across the deal process was hugely valuable and underpinned a successful deal.”

Catalyst Partner Steve Currie, who led the deal supported by Bobby Fletcher, commented:

“The UK Heating Group (UKHG) is a market-leader in a fast-growing market and we are delighted to have helped the Shareholders find a supportive owner who will enable the business to continue growing and take advantage of greater opportunities as part of the Irsap Group.”

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