NBGI Private Equity, the London-based private equity house, has led the acquisition of Hamworthy Heating, the UK manufacturer of boilers for commercial buildings, at £11.2m (€18.1m).
Bank of Scotland provided senior debt funding. Richard Morley, director of NBGI Private Equity, said: "Unlike many competitors, Hamworthy Heating is focussed purely on the commercial sector for boilers. This has helped it to develop a strong market position. We are confident about the company's ability to achieve continued significant growth in the future." Hamworthy Heating has an annual turnover of approximately £17m. Advisers on the deal included Catalyst Corporate Finance, PricewaterhouseCoopers, Eversheds and Edwards Geldard.
