ADEY Professional Heating Solutions, Europe’s largest water treatment manufacturer serving the domestic and commercial heating sector, has agreed a management buyout (MBO) as part of its continued growth in the UK and expansion internationally.
Led by ADEY’s Chief Executive Officer John Vaughan with the full backing of the Board, the MBO has been conducted with the support and investment of LDC, part of the Lloyds Banking Group.
The multi-award winning firm pioneered magnetic filtration technology more than ten years ago, when the MagnaClean® filter was invented. Since then, ADEY has continued to innovate, establishing a total system best practice approach and creating a family of products designed to clean, flush, maintain, protect and test heating systems.
The MBO sees members of the existing management team, with investment support from LDC, buy the company.
Commenting on the buy-out, John Vaughan said, “This investment marks the next chapter in our growth journey and will help us to achieve our goal of providing all our customers, in the UK and around the world, with the best possible preventative solutions in the heating systems market.
ADEY has innovation in its DNA, and we will continue to launch new products that assist heating installers to serve their customers’ needs with the most effective tools. More than three million MagnaClean filters are installed in the UK, and the scope for more households, businesses and local authorities to benefit from our low cost energy saving products drives the Board’s ambition for continued growth.”
Currently supplying its products in the UK and mainland Europe, ADEY is planning to expand into new markets including the US, Asia and Eastern Europe, as well as investing in new product development.
Isca Ventures acted as corporate finance advisers to the management team. Deloitte advised the vendors and KPMG/RSM advised LDC. Legal support was provided by Squire Patton Boggs Birmningham (management team), Osborne Clarke (LDC) and Squire Patton Boggs London (vendors).