Business
Proposed Acquisition of Heatmiser
Proposed Acquisition of Heatmiser.
About this update from Imi Plc
[{"type":"text","content":"\n \n \n 8 November 2022 \n \n \n \n Proposed acquisition of Heatmiser for £110m\n \n \n \n \n Heatmiser, a leading UK smart thermostatic control manufacturer, brings significant growth opportunities in the UK and in Europe\n \n \n \n IMI plc (\"IMI\" or the \"Group\") announces the proposed acquisition of Heatmiser UK Ltd (\"Heatmiser\") for an enterprise value of £110m, with up to a further £8m based on Heatmiser's future financial performance. Heatmiser will become part of IMI Hydronic Engineering (\"IMI Hydronic\").\n \n \n The proposed acquisition of Heatmiser is fully aligned with IMI's strategy and purpose of [Breakthrough Engineering for a better world] and represents an opportunity to accelerate our growth in smart buildings. Adjacent to IMI Hydronic's existing HVAC product offerings, Heatmiser will provide an attractive entry point into connected residential thermostatic control, a fast-growing market where Heatmiser is already a UK leader. There are also significant opportunities to leverage IMI Hydronic's strong brand and market presence to scale Heatmiser's offering across Europe, as well as leverage Heatmiser's proven connected technology capabilities across existing and new IMI products.\n \n \n The demand for smart temperature controls is growing rapidly and is expected to accelerate further, with more than 200 million buildings in Europe requiring renovation to upgrade their heating and cooling systems over the next 30 years, to comply with energy efficiency and environmental legislation.\n \n \n In the financial year to December 2022, Heatmiser is expected to generate revenues of c.£22.5m. The headline enterprise value represents c.12x 2022 estimated adjusted EBITDA.\n Closing is expected before year end, subject to normal filings.\n \n \n Heatmiser overview\n \n \n Heatmiser is one of the UK's leading smart thermostatic control manufacturers for radiant systems, enabling homeowners to accurately control heating and cooling in each room remotely. The company's success is based on its portfolio of high-quality products, strong customer relationships, digitalised commercial model and great technical support for their customers.\n \n \n Heatmiser was founded by Gordon Kay in 1968 in Blackburn, UK, to develop thermostatic control products for residential buildings. Since then, the company has leveraged technol...