Stuart Turner Group are delighted to announce completion of a secondary management buyout with top-decile private equity firm Epiris, providing fresh investment to pursue our growth plans. The deal delivers an exit for leading mid-market private equity firm LDC.
Issue Date 31-01-2022
LDC first backed Stuart Turner in September 2017 and supported the Company in making three complementary acquisitions to expand its range of products and services. These included the acquisition of the UK’s leading mains-powered pressurisation unit and heating systems provider, Mikrofill Systems, in March 2021. This followed the additions of Fluid Water Solutions in 2019 and GAH Heating in 2018 and, alongside a strong focus on new product development, these acquisitions have helped Stuart Turner to become a complete solutions provider in the pressurisation and hot water generation market across the domestic, commercial and industrial sectors.
Stuart Turner has grown its revenues by over 66%, from £24m in 2017 to more than £40m this financial year, and headcount has increased to more than 125.
Epiris will support the Company as it looks to further broaden its product and geographic offering.
“Stuart Turner is a strong platform with a tremendous opportunity ahead, not only to become the leading provider of water-boosting solutions in the UK, but also to take this expertise into international markets. We look forward to working with Richard and his team to build on Stuart Turner’s rich heritage of product innovation and manufacturing excellence.”
Charles Elkington, Partner at Epiris
“We’re determined to become a full water-boosting solutions provider, not only in the UK, but expanding into international markets too. Our excellent reputation in the residential boosting market forms the foundation for our ambition within the commercial sector. Our HVAC and commercial building services offering continues to grow at pace and is already gaining traction within the market.”
Richard Harden, CEO of Stuart Turner
“Richard and the team at Stuart Turner are passionate about innovation and whilst the Stuart Turner name is steeped in British engineering heritage, it’s very much a forward-looking company and is recognised as a true innovator in the sector. We’re proud to have been part of their growth journey these last four years, and we wish them every success for the future.”
Matt Newbold, Investment Director at LDC
Stuart Turner was advised by DC Advisory and Gateley with due diligence support provided by PwC and KPMG.
The Stuart Turner management team was advised by Orbis Partners.
Newco and Epiris were advised by Lincoln International and Macfarlanes.
For Stuart Turner Group please contact:
Morgan Warren-Ross – Marketing Director
47 Market Place, Henley on Thames, RG9 2AD
+44 (0)1491 572655
marketing@stuart-turner.co.uk