Business advisory firm Quantuma has led on the management buyout (MBO) of underfloor heating distributor and manufacturer Heat Mat, backed by Danish supplier Heatcom.
Heat Mat is one of the UK’s leading distributors of premium electrical underfloor heating. Headquartered in West Sussex, the company provides underfloor heating through electrical wholesalers and the construction industry, as well as offering ice and snow melting systems, mirror demisters and insulation boards.
The company has benefited from strong growth in the wider market and continues to expand its geographic footprint.
The recent transaction was supported by Heatcom, a Danish supplier of underfloor heating materials. The business produces and markets electric floor heating, thermostats and frost protection, providing products to leading distributors in countries across the world.
The deal struck will enable Heat Mat to improve on its product development and infrastructure, as well as strengthen its international growth strategy by establishing new supplier partnerships within the Scandinavian and wider European markets. In line with this, the company is anticipating considerable growth in revenue over the next few years.
A team at Quantuma, comprising of partner Mark Lucas, director Fardeen Nariman and associate Mihir Shah, provided lead financial advice to Heat Mat’s management team on the MBO.
Mark Lucas said: “The underfloor heating market is experiencing strong global demand at present. Coupled with an increasing focus on innovation, Heat Mat has managed to effectively secure its position as a leading provider in the UK, with high potential to expand its business globally.
With the backing of Danish supplier Heatcom, it is believed that Heat Mat will be able to utilise increased business opportunities provided by a wider international distribution network, as well as be able to access further technological expertise to further support their growth. Heatcom represents the ideal strategic partner for Heat Mat at this stage of its development, and we wish the combined group every success for the future.”
Jo Stimson, managing director at Heat Mat, said: “As a major international player, Heatcom offers our business enormous growth potential. We have developed a strong reputation in the UK market for both the breadth and quality of our product range, but in order to achieve our potential, we understand the need to capture further market share in the UK and expand into new territories. The advice provided by Mark and the Quantuma team was invaluable in supporting us on the transaction, and with their ongoing support, we are confident of achieving our ambitious growth strategy in the coming years.”