News
Northern Venture Managers secures institutional purchase of S&P Coil Products
16 April 2004Northern Venture Managers has completed the £2.9 million institutional purchase of S&P Coil Products Limited from its parent company, Halma PLC. HSBC's recently established Thames Valley Corporate Banking Centre provided the senior debt facilities.
Leicester-based S&P Coil Products was established in 1979 and since then has become a market leader in the design, manufacture and sale of heating and ventilation products in the UK. S&P's core products include fan convectors, coil heat exchangers and heat pipes, which are used to supply heating in schools and other local government buildings such as libraries, sports halls and hospitals. S&P has also developed a new market for its heat pipes in the Middle East and Far East, where they are used as a component in air conditioning systems.
Managing Director Allan Westbury, who will remain in place with the company, commented: ''The sale of S&P will secure the future growth of the business and enable us to build on the market share we have developed in recent years. There are some good opportunities ahead - our strong relationship with Local Education Authorities means we are excellently placed to benefit from the Government's school refurbishment programme.
Allan continued: ''We have also received considerable interest from the Middle East in the patented technology we use for our heat pipes. This represents a tremendous opportunity for us, as this is a young market and we are confident that we can considerably increase our market share in the region.''
Karl Harridence, the Investment Manager leading the transaction for NVM commented: ''S&P represents an attractive purchase for NVM. It is a strong, profitable business with an experienced management team and we look forward to helping S&P further its success.''