An affiliate of HIG Capital (HIG) is to acquire Travis Perkins Plc’s Plumbing & Heating business (P&H), one of the UK’s leading plumbing, heating, and bathroom related products specialist merchants.
The divestiture is valued at approximately GBP325 million, and the transaction is expected to be completed within the next three months, following regulatory approval.
Headquartered in Northamptonshire, P&H operates under its primary trading brands City Plumbing Supplies (CPS) and Plumbing Trade Solutions (PTS), with over 350 branches across the UK and Ireland, alongside several specialist online outlets including The Underfloor Heating Store, Direct Heating Spares, PlumbNation, and National Shower Spares. The Company, led by Dave Evans and supported by an experienced senior leadership team, serves trade customers and consumers across the residential and commercial construction categories.
HIG’s investment will support P&H in its transition to an independent company and accelerate its customer-focused expansion in the UK and Ireland.
Dave Evans, CEO of P&H, says: “The sale to HIG is great news for P&H and its stakeholders. We are recognised as a market leader across many of our businesses and the categories they operate in and I am very excited to work with the team at HIG to capitalise on the enormous potential for growth we have within the UK and Ireland. We are well positioned to push forward with our plans for growth by developing more customer-focused propositions delivered by over 3,000 dedicated team members. I look forward to building an even stronger business in the coming years.”
Markus Noe-Nordberg, Managing Director and Head of the HIG European Middle Market LBO team, which led the transaction, says: “We are thrilled to welcome the Plumbing & Heating business from Travis Perkins into the HIG family. HIG has had great success investing in speciality distribution assets, and we will use this experience to support management in maximising the Company’s potential. This transaction is an ideal fit with our investment mandate and once more underscores HIG’s ability to execute on complex transactions such as carve-outs.”
Tobias Borkowski, Principal at HIG Europe, adds: “We believe that the Company, as a freestanding enterprise, can better serve the individual needs of its customers, and rapidly expand its trusted relationships with suppliers. We are excited to partner with Dave and his entire team and look forward to supporting the Company’s continued growth.”
Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to HIG Capital. Morgan Stanley is acting as financial advisor and Linklaters LLP as legal counsel to Travis Perkins Plc.