Bregal Capital, part of the European Bregal Investments Group, has bought Ideal Stelrad, a UK manufacturer of radiators and boilers in a £230m deal.
Yorkshire-based Ideal Stelrad employs around 1,800 people in the UK and manufacturers its boilers and radiators at a 17 acres site in Mexborough.
It is the UK’s largest manufacturers of rediators and boilers.
It is understood the Bregal put forward its offer for the manufacturer on Thursday after a six month auction of the company administered by the bank BNP Paribas, a stakeholder.
The deal goes against the wishes of Royal Bank of Scotland (RBS) which holds a 15% equity stake in Ideal Stelrad and had advised the company to offer up its two operating divisions in separate sales.
Bregal Capital’s investment covers the whole company and, it is anticipates, will safeguard jobs at the firm.
Stelrad’s chairman Richard Connell will step down from the company on completion of the deal but the rest of the management team is due to remain.
Bregal now becomes the third private equity firm to own Stelrad in less than a decade.