Smart thermostat firm to be acquired at up to 5.7x turnover
Tue, 08 Nov 2022 | BUSINESS SALE
A Lancashire-based manufacturer of smart thermostats is to be acquired by a listed company in a deal that could rise to £118 million. Heatmiser, which was founded in 1968, is set to be taken over by IMI Group for an initial £110 million, with up to a further £8 million based on its future financial performance.
If the full consideration is reached, the deal value would represent a multiple of around 5.7x Heatmiser’s turnover of £20.6 million in the year ending December 31 2021. During that period, the company reported gross profits of £9 million and post-tax profits of £7 million.
Heatmiser was initially founded in Blackburn and developed products for residential buildings. The company has since evolved, leveraging new technological advances to produce smart thermostats for radiant underfloor heating systems. The company says that it has " become one of the UK's leading HVAC control brands”.
IMI Group says that the acquisition is “fully aligned” with its growth strategy and enables the company to accelerate plans to expand into smart buildings, offering an "attractive entry point into connected residential thermostatic control".
IMI Group Chief Executive Roy Twite commented: "I am really pleased to announce the acquisition of Heatmiser, which is fully aligned to IMI's strategy of delivering significant shareholder value by solving industry problems and putting customers at the heart of what we do.
"This is an important, strategic entry point to the rapidly growing connected controls market, that will accelerate our organic growth across IMI Hydronic. There has never been more urgency to deliver energy efficiency and comfort in buildings, and Heatmiser is a leader in this space.
In its accounts for 2021, Heatmiser’s fixed assets were valued at £1.3 million and current assets at £8.4 million, with net assets valued at close to £6.3 million.
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