Piping system manufacturer, Polypipe Group has completed a £145m purchase of Wales-headquartered ventilation systems maker, Nuaire and agreed a £300m funding package.
Nuaire manufactures ventilation equipment for commercial and residential applications, with its products helping clients reduce their energy consumption and carbon emissions.
The deal has provided an exit for Electra Private Equity, which invested £23m in the management buyout of Nuaire in 2007.
With a workforce of around 450 employees, Nuaire is likely to continue operating as an independent division of the Doncaster-based Polypipe.
In addition, Polypipe is reported to have agreed a £300m refinance deal, securing a five-year revolving credit facility of £75m each from Barclays; Lloyds Bank Commercial Banking; Royal Bank of Scotland, and Santander.
Chief executive of Polypipe Group, David Hall commented: “This acquisition provides a perfect fit for us.
“Nuaire expands considerably our product platform and market reach within the growing ventilation sector, which, like other parts of our business, are being positively impacted by environmental legislative change.”
Polypipe is the largest manufacturer in the UK, and among the ten largest manufacturers in Europe, of plastic pipe systems for the residential, commercial, civils and infrastructure sectors by revenue.
The company operates from 16 facilities in total, and with more than 20,000 product lines, manufactures the UK’s widest range of plastic piping systems.