Heating Plumbing Supplies Group Limited (HPS), has grown to become the leading independent plumbing and heating merchant on the South Coast of England with a network of 33 branches. HPS distributes boilers, pipes and bathroom fittings to a loyal customer base primarily focused on the Repairs, Maintenance and Improvements ("RMI") sector. Turnover is in excess of £55 million.
Plumbing and Heating Investments Limited is a subsidiary of Marlowe Holdings Limited (Marlowe). Marlowe through its subsidiary Edmundson Electrical is the UK’s leading electrical distributor to the trade sector with sales in excess of £1 billion.
Having advised the shareholders of HPS on an MBO in 2011 a team led by Mike Hughes was invited to pitch for the opportunity to advise on the potential sale.
We advised the shareholders throughout the process, assisting with the preparation of a concise, well presented data pack, leading negotiations with Marlowe on the structure and valuation of the transaction, supporting management through the due diligence process, structuring the completion mechanism including the agreement of surplus cash and providing input into the legal agreements.
We already had an extensive knowledge of the business and a good rapport with the HPS management. We quickly built a strong relationship with the potential acquirer.
Our structured process achieved a great outcome for all stakeholders whilst minimising disruption for the business.
Grant Thornton have been our advisers for many years for audit, tax and advisory services. The Corporate Finance team did a great job in delivering this transaction for us. The team’s experience in leading transactions is clear and they got all of the major decisions in the process spot on. In addition, they were always available to talk or support us at any stage.
Tony Curneen Finance Director and Shareholder, HPS
