Polypipe Group has acquired Nu-Heat, the supplier of sustainable underfloor heating solutions, air and ground source heat pumps and other renewable heating systems, for £27m.
For the twelve months ended 31 December 2020, Devon-based Nu-Heat generated revenue of £16m and reported earnings of £3.1m.
In the last three years, renewable solutions have been the fastest-growing part of its portfolio, now accounting for 23% of total installations. Nu-Heat employs 90 people, primarily involved in sales, technical support, marketing and distribution.
Polypipe said the acquisition was in line with its strategy of “broadening market reach in climate management solutions”.
Martin Payne, Polypipe chief executive officer, said: “I am delighted to announce the acquisition of Nu-Heat, which aligns with our key growth drivers, including our focus on low carbon heating and solutions for the environmental challenges facing the built environment. This acquisition will enable us to further develop our underfloor heating capabilities, and to develop new and exciting ways to integrate underfloor heating, heat pumps, and air-based climate management systems. The Nu-Heat team have fantastic technical and application knowledge, and I would like to welcome them to the Polypipe Group.”
David Roberts, managing director of Nu-Heat, added: “We are delighted to be joining Polypipe, with which we share a similar culture and values. We look forward to being better positioned to deliver more sustainable solutions to customers and greater opportunities for our people as part of the Polypipe Group.”